Sell/Reduce Bank of Baroda between CMP to Rs.1090 :: HDFC Securities

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 Week’s action is forming a strong bear candle with
good volumes and the stock is showing negative
bias for the short to medium term
.
 Price has completed the counter trend
retracement rising leg at 1108.5 levels which could
be short term or medium term top for the stock, i.e
end of “wave b”.
 Price has started to slide for the next falling leg
with impulse price action i.e. five wave decline
which is extreme bearish stance.
 Trendline breakdown has been witnessed which is
a significant bearish indication for short term
.
 In addition price has reversed exactly from long
term channel setup.
 Traders could sell the stock between CMP to 1090
with the stoploss of 1130 on closing basis for the
target
s of 970
– 920
.


LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010594