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The short-term outlook is bullish for Bank of India. The stock has been getting good support around ₹107 over the last week. The price action on the daily chart indicates that the stock is getting good buyers around ₹107. A moving average crossover on the daily chart also strengthens the bullish case. These indicators suggest that fresh buyers can come in at lower levels and limit the downside. Good support is in the ₹110-₹107 region.
Bank of India share price can go up to ₹120-₹123 in the coming weeks. Traders can go long now at ₹114. Accumulate on dips at ₹111. Keep the stop-loss at ₹106. Trail the stop-loss up to ₹116 as soon as the stock goes up to ₹118. Move the stop-loss further up to ₹119 when the price touches ₹121. Exit the long positions at ₹123.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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