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The outlook for the stock of Bank of India is bullish. The stock has been surging higher over the last couple of week. It tumbled to a multi-year low of ₹76.1 earlier this month and has reversed sharply higher from there. The stock has skyrocketed over 35 per cent from this low.
Monday’s rally of over 5 per cent is adding strength to this up-move. Support for the stock is at ₹98 and a cluster of supports are poised around ₹95. Dips to these supports are likely to find fresh buyers coming into the market. Resistance is at ₹108 which is likely to be tested in the near term.
A strong break above can take the stock higher to ₹113 initially. Further break above ₹113 will then increase the likelihood of the stock extending its rally to ₹120 in the coming weeks.
Short-term traders can go long at current levels and also accumulate at ₹100. Stop-loss can be placed at ₹96 for the target of ₹120. Revise the stop-loss higher to ₹105 as soon as the stock moves up to ₹107.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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