HDFC Sec recommends to 'sell' Bank Of Baroda on downtrends witnessed since past few months

1. RETAIL RESEARCH
Stocks CMP Recommended Action SL* Targets Time Horizon
Bank of Baroda Rs.174.15 Sell between CMP & Rs.186 Rs.197 Rs.155/144 1-2 Months
* Stoploss as per daily closing basis. Recommended to stagger selling rather than entering entirely at CMP
Bank of Baroda:
Ballarpur Industries weekly timeframe
Current Observation:
 PSU Banking sector was underperforming with broader market and this PSU Banking stock (Bank of Baroda-BOB) has
been showing down trend over the last few months.
 We observe a formation of negative sequence of lower tops and bottoms in BOB as per weekly timeframe chart. After
showing a bounce back in the previous few weeks, the stock price seems to have made a new lower top around 183
levels this week and formed negative pattern. Hence, one may expect beginning of fresh decline from here by next
week.
 The stock price has placed at the support of around Rs.172.65 levels in the last couple of weeks and any move below
that support could lead to a continuation of weakness for some time.
 Weekly momentum oscillator like 14 period RSI has turned down from near 40 levels. The previous bounce back of
RSI from 36 levels was not able to sustain at the higher levels and further slip below 40 could mean more weakness
in the stock price ahead.
 Overall weak chart and momentum pattern is suggesting a short trade set up in BOB for near term.
Weekly momentum stock pick
A near to medium term trading perspective
April 24, 2015

2. RETAIL RESEARCH
Technical Research Analyst: Nagaraj Shetti (H5101)
RETAIL RESEARCH Tel: (022) 3075 3400 Fax: (022) 2496 5066 Corporate Office
HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East),
Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066 Website: www.hdfcsec.com Email: hdfcsecretailresearch@hdfcsec.com
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