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Short

BANKBARODA - SHORT TERM ANALYSIS

NSE:BANKBARODA   BK OF BARODA
BANKBARODA - AS ON 23 NOVEMBER

THE 0-B TRENDLINE IS THE MOST IMPORTANT HERE.

THERE ARE 2 POSSIBILITIES

A. WAVE C IS AN ENDING DIAGONAL WITH WAVES 1 TO 5 OF C WAVE COMPLETED. THIS GIVES US A TARGET OF 98 WHICH SHOULD BE REACHED BU THIS MONTHEND. THIS SEEMS TO BE A LESS PROBABLE SCENARIO

B. WAVE 1 TO 4 OF C WAVE IS COMPLETE BUT WAVE 5 IS PENDING. THIS LOOKS A MORE PROBABLE SCENARIO. IF THIS OCCURS, WAVE 5 OF THE C WAVE WILL REACH AT LEAST 113.55. WATCH FOR THE COMP[LETION OF 5 WAVES ON THE UPSIDE AND THEN SHORT. THE TARGET AGAIN WOULD BE 98 WITH A STOPLOSS OF 121.55. TARGET SHOULD BE REACHED BEFORE NEXT MID-MONTH

ALL DEPENDS ON THE BREACH OF THE 0-B LINE, HOWEVER, BANKBARODA IS DESTINED TO FALL IN THE MEDIUM TERM

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