Bank of Baroda | Trading near a channel resistance | Latest stock market news (3 minutes read)

Stock name: Bank of Baroda

Pattern: Trading near a channel resistance

Time frame: Weekly

Observation:

The stock has been trading in a channel since February 2021 (as can be seen in the image below). Once the stock breaks out of the upper end of the channel (130-135 levels), we can see some good upside momentum in the counter. One the other hand, if it is unable to cross the upper end, it may keep hovering in the channel for a pro-longed period of time.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) Q1 FY23 result update: SBIN: 

Total income: Stood at 94,524 crores Vs. 1,08,034 crores in the last quarter. This is on account of the decrease in other income, hence not so problematic. NIM: 3.15% Vs. 3.40 in the last quarter. Negative. GNPA: 3.91% Vs. 3.97% in the last quarter. Positive.

2) Employment in the U.S. jumped by much more than expected in the month of July, according to a closely watched report released by the Labor Department. The report showed non-farm payroll employment spiked by 5,28,000 jobs in July after surging by an upwardly revised 3,98,000 jobs in June.

3) The SEBI has constituted an expert group of Foreign Portfolio Investors (FPIs) to boost overseas flows into the country. The FAC has been tasked with advising on issues related to investments and operations of FPIs in the financial markets, including measures to facilitate ease of doing business by FPIs in India.

4) ABB India, Asian Hotels, Balkrishna, Bector Foods, Bombay Dyeing, Borosil Renewables, Cantabil, Cupid, Dishman Carbogen, eClerx Services, EID Parry, Everest Kanto, Galaxy Surfactants, Granules India, IDFC, IGL, IOL Chemicals, MRF, MTAR Tech, NCC, Nuvoco, Prince Pipes and Sobha are amongst the companies that will be declaring their results tomorrow.