×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

India Infoline puts BUY on Bank of India

India Infoline puts BUY on Bank of India
Comment E-mail Print Share
First Published: Fri, Mar 20 2009. 10 09 AM IST
Updated: Fri, Mar 20 2009. 10 09 AM IST
On the weekly chart, the stock formed a Hammer last week. It is considered a bullish reversal pattern.
As per the formation, the stock tends to open higher, but it fails to sustain at the top leading to a sell-off, which is followed by a sharp recovery that brings the stock near to its opening level.
Moreover, the above candlestick pattern has occurred after a sustained downtrend, which brought the stock lower from the levels of Rs368 to a low of Rs179 in last 10 months.
Other supportive indicators such as moving averages and RSI are also suggesting an uptrend from the current levels.
We recommend a short-term delivery BUY for a target of Rs220. It is advised to maintain a stop loss of Rs196.
Comment E-mail Print Share
First Published: Fri, Mar 20 2009. 10 09 AM IST
More Topics: Stock Ideas | Money Matters | Equities |