Technical Analysis Bank of Baroda.

The stock $BANKBARODA has seen a significant shift in momentum recently. After a very strong rally that peaked near the 320 mark earlier in the year the stock experienced a sharp quick correction. It is currently trading at 265.40 and is trying to find a stable base after the fall. If you look at the bottom indicator the heavy red volume bars during the fall from 320 indicate strong selling pressure by big players. The recent small recovery around the 260 levels is happening on relatively average or lower volume. Major Support the 245 - 250 area is a crucial safety net. The stock recently took support and bounced slightly from this zone. If the price breaks and closes below 245 it could trigger further weakness and selling. Major Resistance the first big hurdle for the stock is around the 280 mark. For the chart to look structurally bullish again the price needs to cross and sustain above 280. If it clears that the next resistance is near 295. Short-term bearish to Sideways. The stock has fallen heavily from its recent highs and is currently consolidating. It has been forming lower highs and lower lows recently which shows that sellers are still active whenever the price bounces up. Long-term the broader historical structure was highly positive but this recent deep cut means the stock will likely need time to digest the selling pressure before starting any new major upward journey. Technical analysis is based on historical patterns and does not guarantee future results. Always use a Stop-Loss to manage your risk.