Time frame: Three months
Derivatives & Quantitative Outlook
Leading private banking stocks seem to be moving into a consolidation phase after a sharp up move was seen in the last one year. However, stock specific moves are likely to continue while the focus should be on PSU banking. Bank of Baroda is one such stock, which seems to be moving out of the current consolidation and is likely to make 52 weeks highs in coming weeks.
In PSU banking, SBI has been one of the best performers in the last one year but Bank of Baroda has been an underperformer. It has seen a gradual build-up of open interest in the last couple of months with the recent price performance. However, there is ample room for further increase in price. We expect further long additions in the stock once it sustains above Rs. 85 levels.
For details, click on the link below: Link to the report
Shares of BANK OF BARODA was last trading in BSE at Rs.84.4 as compared to the previous close of Rs. 85.05. The total number of shares traded during the day was 2667262 in over 6390 trades.
The stock hit an intraday high of Rs. 87 and intraday low of 84.1. The net turnover during the day was Rs. 227580959.