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The short-term outlook is bullish for the Bank of India. The stock began the week on a positive note, surging 6 per cent on Monday. A complex inverted head and shoulder pattern is visible on the daily chart. The neckline support of this pattern is at ₹101. Below this, the broad ₹100-₹97 region is the next strong support. Bank of India’s share price can potentially target ₹115-₹117 in the next few weeks. Intermediate resistance is at ₹107. A break above it can trigger this rise. Traders can go long now at ₹104. Accumulate on dips at ₹101. Keep the stop-loss at ₹96. Trail the stop-loss up to ₹107 as soon as the stock goes up to ₹110. Move the stop-loss further up to ₹111 when the price touches ₹113. Exit the long positions at ₹115.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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