Bank of Baroda (SELL, between Rs700-703, Target Rs672): Bank
of Baroda on the daily has violated trend line support of Rs690 and
which also reinforces that Wave 5 of Five is in the last stage of
progress which should atleast test levels of Rs650 before any signs of
recovery. The MACD has been sustaining below the reference line and its
9DMA is about to test the neutral zone. Also despite gains in market
stock has underperformed markets which also make case for further
downside. We recommend going short on Bank of Baroda December Futures
below Rs688 with stop loss of Rs714 for Target of Rs672. (Duration 5
days)
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