Bank of Baroda (BUY, above Rs835, Target Rs875): After hitting an 52 week high of Rs1,052 in November 2010, the stock had seen a sharp fall to the support of its 200-DMA (Rs815). From which, we expect the stock to stage a smart recovery. Trendline breakout on the hourly chart where prices successfully traded above Rs828. ON the daily RSI, the stock is trading near to its support levels. Such back to back confirmation of on the hourly and daily charts is likely to ignite buying momentum with immediate target seen above Rs870. We advise buying the stock above Rs835 with stop loss of Rs815 for target of Rs875.
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