Sunday, April 12, 2009

Technical Analysis - Bank of India

Bank of India (Rs 241.3): This stock too has been in the throes of a structural bear market since the beginning of 2008. But it has twice bounced from the support at Rs 200 in 2008. Bank of India recently made a trough at Rs 179 and a short-term up-trend is currently in progress. The area between Rs 170 and Rs 200 is a key long-term support for the stock and long-term investors can hold on as long as it trades above Rs 170.

Though a race to the bull-market peak at Rs 465 would not be possible over the next two years, the stock can rally to Rs 290 or Rs 360 in that period. Key short-term resistance for this stock is at Rs 260.