(Short Term Cash)
December 28, 2016
Bank Of India (NSE Cash)
105 - 106
14 - 21 Sessions
Source: Falcon (Time : 10:30 IST)
On November 09, 2016, the stock had hit the low of
99.65 and then rebounded sharply to make a high of
within three trading sessions. Thereafter, the stock has corrected slowly and retested its support band of
levels on daily chart. The ongoing corrective move should halt at current juncture as we are witnessing a formation of
Bullish Harmonic Pattern called ‘Bullish Bat’ on daily chart. The Potential Reversal Zone (PRZ) of the same is placed at
103.25. Yesterday, the stock has made a low (
102.75) precisely in the mentioned PRZ level and started
showing some strength. The ‘RSI - smoothened’ is moving in extreme oversold territory on daily chart and thus
indicating a possibility of a bounce in near term. Considering above mentioned technical evidences; we are anticipating
reversal in the stock in near term.
Thus, we advise traders to buy this stock at current levels and on declines to
for a target of
117 in coming 14 - 21 sessions. The stop loss for this trade set up can be kept at
December 28, 2016
Last 9 recommendations
Recom. Buying/Selling Range CMP
174 - 174
2845 - 2855
880 - 887
780 - 790
948 - 954
135 - 136
484 - 488
1170 - 1180
1170 - 1178
Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website:
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