Sell Bank of India Future; target of Rs 354: IIFL

According to IIFL, traders can sell Bank of India Future below Rs 366 with stop loss of Rs 372 for target of Rs 354, in its April 20, 2012 research report.

“Bank of India has recently signaled trend reversal below Rs368 which was its 50-DMA and with broader pattern indicating near breakdown from a triangle pattern, stock could be heading below Rs355 in the near term. The stock had been taking support at its short-term trendline from third week of March 2012. However, on Thursday, the stock closed below its crucial support trendline. The daily RSI continue to depict negative trend. We recommend going short on Bank of India April Futures below Rs 366 with stop loss of Rs 372 for target of Rs 354. (Duration 5 days),” says IIFL research report.

Public holding more than 90% in Indian cos

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