Bank of Baroda Share Price Target 2024: BUY? Dividend in Q4 2024 results
bank of baroda q4 2024 results share price target 2024 dividend announcement in quarterly buy sell hold strategy
Bank of Baroda Share Price Target 2024: Shares of public sector lender Bank of Baroda are marching northward on the bourses, while the equity indices BSE Sensex and NSE Nifty50 are trading lower on Thursday. Bank of Baroda is scheduled to release its financial results for the fourth quarter of FY24 tomorrow, May 10, 2024. The public sector lender, in an exchange filing, has said that the bank’s board will also consider or recommend dividends for FY 2023–24, if any.
The bank’s stock opened with gains at Rs 270 on the BSE on Thursday. While writing this news, the public sector lender’s stock was quoted at Rs 264.20, up 0.57 per cent from its previous close of Rs 262.70 on the BSE.
Deven Mehata, Equity Research Analyst at Choice Broking, said that Bank of Baroda’s stock is anticipated to remain sideways within the range of Rs 255-Rs 257. Mehata believes that if the price breaches the Rs 285 level, there is potential for it to further ascend to the Rs 333 level in the short run, while support, according to him, is observed near the Rs 255 level.
The Relative Strength Index (RSI) is currently at 59.1 and is trending sideways, indicating significant sideways movement. The stock has shown resilience by rebounding from robust support at Rs 255, aligned closely with its 20-day Exponential Moving Average (EMA) levels in the Weekly Chart. Significantly, it is trading above the 50-day and 100-day Exponential Moving Average (EMA), indicating buying strength.
Bank of Baroda Share Price Target 2024
“The overall trend for BANKBARODA is sideways to bullish, supported by various technical indicators, reinforcing the optimistic outlook. Given these signals, there is a possibility for the stock to achieve a target price of Rs 333 in the near term,” said Mehata.
The analyst has advised investors to consider buying on dips, particularly around Rs 263, to capitalize on potential retracements in the stock price. “To prudently manage risk, implementing a stop-loss (SL) at Rs 255 is recommended. This precautionary measure is crucial to safeguard investments in the event of an unexpected market reversal,” he said.
Bank of Baroda Share Price History
Bank of Baroda is a constituent of the S&P BSE 100 index. The public sector bank commands a market cap of Rs 1,36,601.53 crore. According to BSE analytics, Bank of Baroda’s shares have offered a return of 36.79 per cent in the last six months, 48.61 per cent in the last one year, and 155.69 per cent in the last three years.
The public sector lender’s stock has sprinted 274.20 per cent in the last three years. Shares of Bank of Baroda have a 52-week range of Rs 285.50 – 172.85 on the BSE.
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