Buy Bank of India at Rs 93.20 with stop loss of Rs 85 for the target of Rs 109 levels, says Shabbir Kayyumi of Narnolia Financial Advisors.
Narnolia Financial Advisors
Earlier Bank of India gave falling channel breakout but recently it has retraced towards its falling channel resistance line which is now acting as a fresh support from where bounce back can be seen in the coming days.
Formation of morning star on the daily chart is also implying strength. RSI also tilt on the upside after being bottom out near the level of 30 marks. As long as it sustains above falling channel resistance line, the bias will remain positive and it can resume its trend on the upside.
Buy Bank of India at Rs 93.20 with stop loss of Rs 85 for the target of Rs 109 levels.Disclaimer: The author is Head – Technical & Derivative Research at Narnolia Financial Advisors Ltd. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.