Performance of the stock
Bank of India shares closed at Rs 129 with a gain of over 6 per cent at the close of trading on Friday. A new 52-week high was also rewritten yesterday. The stock has gained 15 percent in the last two weeks alone. During a period of one year Bank of India (BSE : 532149, NSE : BANKINDIA) The high price of the stock was Rs.130 and the low price was Rs.66.
Target Price : 150 Rs
Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities suggested Bank of India shares could be bought between the Rs 123-128 level. From here it is concluded that the price of this bank’s share can advance to the level of 145-150 rupees within a short period of time. 17 percent gain is expected through this. At the same time, Kunal Shah said that those who buy Bank of India shares now should set a stop loss at Rs 115.
A strong breakout pattern is evident in the daily chart of Bank of India stock. An increase in the number of stock transactions during this phase is also a good sign. Bullish momentum is also evident with a positive crossover in the RSI indicator. It is also worth noting that Bank of India shares are currently trading above all important moving average levels.
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