Hello !
In Bank Of Baroda & Oriental Bank, there are clearly visible higher bottom and in RSI, there are clear double bottom. So fair chances are there that these both stocks do well.
As mentioned earlier, Nifty was closed on support, on Friday and bounce was expected. The bounce came. But still the Nifty is closed in a range, mentioned in earlier post. ( 5970 - 6240 ). It might be just a correction of a short term downtrend. On Friday, Nifty closed on a support and today it closed at minor resistance, which is around 6150. But any major move is expected only if it closes above / below the range mentioned earlier.
Apart from Nifty and overall market conditions, stocks are playing their roles according to individual and sectoral stories. For eg. Banks. Bank of Baroda, Oriental Bank, Pnb & SBI of course, done very well. According to the move, we have seen today, it has got some steam left for further upside.
As Nifty again at a minor resistance and upper range is not broken, we have to take long positions with utmost care & caution. We can very well take long positions in Bank of Baroda & Oriental Bank, with a very strict Stop Loss of the Low Of Today ( 613 & 179 respectively ).
Bank of Baroda
Orient Bank
In Bank Of Baroda & Oriental Bank, there are clearly visible higher bottom and in RSI, there are clear double bottom. So fair chances are there that these both stocks do well.
Trading long at this juncture, requires a strict stop loss and utmost caution.
Trade with levels. And please do not forget to keep a stop loss. Stop loss kept once, must not be changed at any cost. Please remember, that Stop Loss is a life saving tool.
Happy trading, safe trading.
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