Bank of Baroda hits near 3-month low; technicals indicate more downside

Last Updated: Tue, Jun 20, 2017 10:43 hrs
FILE PHOTO -  A man walks past the Bank of Baroda headquarters in Mumbai

Bank of Baroda shares fall as much as 1.52 pct to 165.5 rupees, their lowest since 24 March.

Stock price cuts below its 200 day Simple Moving Average (SMA), seen negative for the stock.

Stock also breaks a support at 166.9, the 38.2 pct Fibonacci retracement level of the uptrend from the Feb 12, 2016 low to May 5, 2017 high.

Trend Intensity indicator (TI) also rises to 17, indicating the start of a new downtrend.

Stock is up 9.55 pct this year as of Monday’s close, underperforming Nifty PSU Bank Index which gained 16.93 pct in the same period.

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