Bank of India has support around Rs 256: Harchekar

Bank of India (BOI) has support around Rs 256-255, says Amit Harchekar of IIFL.

Harchekar told CNBC-TV18, "Bank of India is heading towards Rs 255-256 zone, that could be next support to watch out for. Expect Bank Nifty to again retest levels of 11400-11450 that could be again a good exit opportunity for the long traders. I am not expecting it to go beyond 11800. So, overall the outlook for the Bank Nifty is quite range bound but the way Nifty is panning out I am expecting a rally of 80-90 points from current levels." He further added, "Most of the PSU banks are looking weak on charts but if we look into the Bank Nifty, Bank Nifty has despite negative news flow. In PSU banks the Bank Nifty has been sustaining the levels of 11200 quite comfortably. The reason behind it is HDFC Bank is holding firm as well as ICICI Bank. So, I believe the action could be quite stock specific in the Bank Nifty."