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Observation

* BANKINDIA on the monthly time frame can be seen moving higher for the past few months after a massive downfall, pointing towards the possibility that the prices have found support near the 30.75 mark. Currently the prices are trading above the 20 Months SMA.

* On the weekly time frame we can see that the prices are following a upward slopping trend line for the past couple of months. Currently this level is also placed near the 50 week SMA. Currently the prices seem to be taking a strong sup- port at the 50 Week SMA.

* On the shorter time frame, the prices moved above the 200 Day SMA on 26th August and has sustained above the same

* On the indicator front the RSI plotted in the weekly chart can be seen moving higher towards the 50 mark, Indicating that the bulls are taking control of the trend.

* Going ahead the key resistance level to watch out for is 87 (7th June 2021 high) followed by 101.80 (15th Feb 2021 high).

* The 59 (Multiple touch point level) will act as a red flag level, if the prices breach below this multiple touch point level, our bullish view will be negated and we might see the prices move lower towards 50 levels.

Inference & Expectations

* BANKINDIA from a long term perspective seems to have bottomed out and Is attempting to move higher.

* The technical parameters mentioned above point towards to the prices moving higher towards 87, if the prices breach above the 87 we might see the prices head higher towards 101.80.

* Our bullish view will be negated if the prices breach below the 59 mark. If the prices sustain below the 59 mark, we can see further downfall towards the 50 level.

BANK OF INDIA: CMP : 66.15 (0.61%)

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