Technical view by Nooresh

Bank Of India — Oversold and Positive Divergence



The stock has made new lows and dropped sharply from 350 to 250 in last 2-3 months. Highly oversold but continued to fall further but last two bottoms show a clear positive divergence on RSI. One can buy around 258 with a stoploss of 250 and upside target of 275 ++ .

As the trend is down the bounce backs will continue to see resistance at higher levels.

Keep strict stoplosses as its a bounce back trade.


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Nooresh Merani

Article by Nooresh Merani

Nooresh has written 2531 articles.

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