Rajesh Bhosale explains why Eternal and Bank of Baroda are on his radar
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, Equity Technical Analyst,, says Eternal (formerly Zomato ) is exhibiting strength with a range breakout, supported by its 20-day EMA, suggesting continued positive momentum with a target of Rs 283 and stop loss at Rs 262. Bank of Baroda is also displaying strength, holding above its 50-day EMA and Friday's swing high, with expectations of reaching Rs 250 in the near term.We are seeing a weak start to the week, with extended bouts of profit booking. We see a strong support for the market in the range of 25,000 to 24,900. This support coincides with a 50-day exponential moving average, golden retracement and a rising channel. As of now, we are expecting 25,000-24,900 to hold. But if that is breached, then there can be a further profit booking. But the positive side from here is that the midcap broader market is showing some kind of strength. Midcap selective index is trading half a percent up and is holding on to its golden retracement. So, a positive outlook can be kept on selective stock specific action.Selective midcaps are showing strength and from there, we like Eternal formally known as Zomato. In the last couple of weeks, the stock had been trading in a range but now we are seeing a range breakout and in this market, the stock is up around 3%. The stock is forming a base around the 20-day exponential moving average and we expect this positive momentum to continue in the near term.So, with a stop loss around Rs 262, Eternal can be bought. We are expecting targets of Rs 283. As you highlighted, banking space is showing some kind of strength, especially the PSU basket. The PSU basket is showing strength and from there, we like Bank of Baroda which is holding on to its 50-day exponential moving average and it is trading above its Friday swing high. We are expecting positive momentum to continue in Bank of Baroda with a target of Rs 235. We are expecting Bank of Baroda to move towards the levels of Rs 250 in the near term.
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