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Bank Of India ( Rebound in short-term )

February 05, 2014

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On the daily charts, it ended in a piercing pattern which is bullish reversal pattern. The implication of the said pattern is bullish in the short-term. In addition, RSI has turned flat in the oversold regiion indicating easing selling pressure. Also, buying emerged near the 61.8% retracement level of the previous upmove. Considering technical studies we believe it could bounce in the near-term if it trades convincingly above INR188.

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