Tech query: Bank of Baroda on a medium term uptrend

Tech query: Bank of Baroda on a medium term uptrend

I bought Bank of Baroda shares at ₹ 92. What could be the outlook for BOB stocks in the next three months? Can I keep them for the long term?

Yadu Narayanan

Bank of Baroda (₹ 75.2): Since meeting key resistance at ₹ 225, Bank of Baroda stock has followed a long-term downtrend. In early January 2020, the stock broke through key long-term support at ₹ 100 and continued to fall.

After hitting a multi-year low of ₹ 36 in May 2020, it gained support and changed direction, triggered by a positive divergence on the weekly chart. Since then, the stock has followed an uptrend in the medium term.

In early December 2020, it conclusively broke a vital barrier at ₹ 53 and has continued to advance.

Witnessing buying interest, the stock jumped 14.7 percent with good volume last week. The stock is now trading well above the 21 and 50 day moving averages.

Going forward, it may face resistance at ₹ 85. A categorical breakout above this level can take the stock north to…

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