Buy Bank of Baroda; target of Rs. 585: IndiaInfoline
Friday, 22 January 2010, 20:03 IST
By SiliconIndia
By SiliconIndia
Bangalore: IndiaInfoline (IIFL) is bullish on Bank of Baroda and has recommended buy rating on the stock with a target price of Rs. 585. According to IIFL, the stock is facing stiff resistance around Rs. 559-562 from the last few trading sessions and on Wednesday the stock attempted to cross the crucial resistance levels and closed above it.
Bank of Baroda is an India-based bank offering services like personal banking, business banking, corporate banking, international business, treasury banking and rural banking. As of March 31, 2009, the bank had deposits of approximately 1,92,396 crore. The banks's international operations cover 25 countries through its 74 branches.
IIFL says, the upmove was accompanied with impressive volumes. Moreover, on the weekly chart, the price movement has formed a higher bottom formation. The brokerage expects the stock to rally in the medium term. With the recommended target price of Rs. 585, if the stock is bought at Thursday's closing price of Rs. 550.15, the percentage of gain would be 6.33 percent.
Bank of Baroda is an India-based bank offering services like personal banking, business banking, corporate banking, international business, treasury banking and rural banking. As of March 31, 2009, the bank had deposits of approximately 1,92,396 crore. The banks's international operations cover 25 countries through its 74 branches.
IIFL says, the upmove was accompanied with impressive volumes. Moreover, on the weekly chart, the price movement has formed a higher bottom formation. The brokerage expects the stock to rally in the medium term. With the recommended target price of Rs. 585, if the stock is bought at Thursday's closing price of Rs. 550.15, the percentage of gain would be 6.33 percent.
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