Bank of Baroda - Potential Reversal with Fib Levels

30 авг.

The chart indicates a potential reversal for Bank of Baroda after a significant downtrend. The stock is currently testing the 0.78 Fibonacci retracement level, which aligns with a possible support zone around ₹242-₹245. A break above this level, particularly if it holds above ₹252, could see the stock move towards the next resistance at ₹265, followed by a possible extension to ₹276, which coincides with the 1.618 Fib extension.

However, a failure to sustain this level may result in a pullback towards ₹245 or even lower to ₹242, where the 1.0 Fibonacci retracement lies. Traders should watch for a breakout or breakdown with confirmation in volume.

Targets:

First Target: ₹265
Second Target: ₹276
Stop Loss:

Below ₹247
Risk management and close monitoring are crucial as the stock is in a sensitive zone.