(Short Term Cash)
December 28, 2016
Bank Of India (NSE Cash)
BUY
` 99.50
` 105 - 106
` 117
14 - 21 Sessions
Daily Chart
Source: Falcon (Time : 10:30 IST)
Justification:
On November 09, 2016, the stock had hit the low of `99.65 and then rebounded sharply to make a high of `128.75
within three trading sessions. Thereafter, the stock has corrected slowly and retested its support band of `100 - `102
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
`102.95 - `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 `105
for a target of `117 in coming 14 - 21 sessions. The stop loss for this trade set up can be kept at `99.50.
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December 28, 2016
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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