Chart Idea – Bank Baroda
Overview: Earlier pair was falling down from 120 levels and touched 36.40 where bears did their job in a good manner but after arriving at a lower level which is a strong key support zone, we have seen strong counter-attack from bull’s campaign. The way bulls are reacting, it seems like the pair has bottomed out and headed to the north node.
On the weekly chart, which is providing us bullish signal and pair is trading above the major and minor EMA lines. We will keep our view bullish on the pair as long as 59.20 levels remain intact on a closing basis.
Odds are favoring the bulls and we will get further bullish confirmation above 66.70 levels on a closing basis.
What next???
Our bias is bullish on the stocks for the upside target of 80 and 93 levels. The 80 levels is the key resistance level followed by 93.
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Based on the chart and studies above we would suggest buying the stocks at 66.10 for the target of 80 and 90 levels with a very tight stop loss of 60 levels on a closing basis. |
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