Bank of Baroda (BANKBARODA) Stock - Complete Technical Analysis - Sep 03, 2024

Bank of Baroda Technical Analysis: Key Support

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

For Bank of Baroda (BANKBARODA), the current price stands at 251. Let's delve into the technical analysis based on recent data:

Support and Resistance Levels:

Support Levels: The immediate support level is around 234.75, with further support near 219.4 and 192.2. These levels are crucial for identifying potential buying opportunities or points where the price might stabilize.

Resistance Levels: Key resistance levels are at approximately 261.95, 273.8, and 301.0. These points could be critical in determining where the stock might face selling pressure or struggle to move higher.

Technical Indicators:

MACD: Currently, the MACD line is below the signal line, suggesting a bearish trend.

RSI: The RSI is hovering around 49.61, indicating that the stock is neither overbought nor oversold, which reflects a neutral market condition.

ADX: The ADX is at 15.53, suggesting a weak trend. This indicates that the stock might not be trending strongly in either direction.

Stochastic Indicators: The Stochastic %K is at 71.01 and Stochastic RSI Fast is at 80.39, signaling potential overbought conditions.

Commodity Channel Index (CCI): At 59.59, the CCI indicates the stock is in a bullish phase, but not excessively so.

Awesome Oscillator: With a value of 1.63, it shows a bullish momentum, suggesting positive short-term momentum.

Williams Percent Range: At -33.79, the stock is nearing overbought conditions.

Moving Averages:

Short-term Averages: The Exponential Moving Averages (EMA) for 10, 20, and 30 days are close to the current price, indicating that recent price movements are closely aligned with these averages.

Long-term Averages: The 50, 100, and 200-day EMAs are above the current price, which suggests a potential bearish bias if the stock fails to surpass these levels.

Pivot Points:

Classic Pivot Point: 246.6. This level serves as a significant reference point for potential support and resistance.

Woodie Pivot Point: 247.93, which aligns closely with the classic pivot, indicating potential support.

In summary, Bank of Baroda's stock is currently trading around its short-term moving averages, with resistance levels above and support levels below. The technical indicators show a mixed picture with some bullish signals but also indications of potential overbought conditions. Traders should watch for price movements around the support and resistance levels for potential trading opportunities.