Stock Picks - Buy Bank of India Ltd For Target Rs.73 - ICICI Direct
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Technical Observations
* PSU banking stock has come in the limelight over past couple of months and is seen outperforming the broader market. Bank of India has been relative under performer within the PSU banking space and we expect it to witness catch up activity going forward
* The stock has generated a breakout above a supply line joining the highs since June 2021 (|87) signalling resumption of up move and offers fresh entry opportunity
* The stock in the process also closed above the 200 days EMA currently placed at | 63.50 signalling strength
* We expect the stock to continue with its recent up move and head towards | 73 levels being the 61.8% retracement of the entire previous major decline (| 87-53)
* Among the oscillators the daily 14 periods RSI has recently generated a buy signal moving above its nine periods average thus validates positive bias
Buy Bank of India Ltd @ 63.00-65.00 TGT 73 SL 61.40
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