The short-term outlook is bully for the bank of India. The stock began the week on a positive note, surgging 6 per cent on Monday. A complex inverted head and shoulder pattern is visible on the daily chart. The neckline support of this pattern is at ₹ 101. Bell this, the broad ₹ 100- ₹ 97 Region is the next strong support. Bank of India’s share price can potentially target ₹ 115- ₹ 117 in the next few weeks. Intermediate Resistance is at ₹ 107. A Break Above It Can Trigger This Rise. Traders can go long now ₹ 104. Accumulate on Dips at ₹ 101. Keep the stop-level ₹ 96. Trail the stop-level ₹ 107 as soon as the stock goes up to ₹ 110. Move the stop-Loss Further up to ₹ 111 when the price touches ₹ 113. Exit the long positions at ₹ 115.
(Note: the recommendations are based on technical analysis. There is a risk of loss in trading.)
Published on January 28, 2025