Bank of India - Extremely Bullish - Dr Zingaro

Bank of India is showing an Inverse Head and Shoulders (IHS) with a target of 375.

Nifty Update for July 9 - Inder Bhatia

The Indian market closed in the red zone. The market saw a gap-down opening due to global weakness but saw smart pullback from day's lows. After an initial fall Nifty tried to recover but closed in the red. The day saw a lot of stock-specific action. Market is in a trading range with a small band of 3900-4100. Any breakout from these levels can see a clear trend. For the coming session 3900-3850 will act as as a support level. On the other side 4040 will act resistance.

HOT BUY: Buy BANKINDIA which is heading for 251.

Bank of India - Head and Shoulder Bottom

Bank of India (BANKINDIA) has shown surprising strength in the downfall. It did 188, which when you look at the monthly charts is a 61% retracement of the rise from 2001. This is a huge support, and it is unlikely that it will penetrate 182. Any long-term trader could have longed BANKINDIA with 182 as stoploss. Having bounced from 188, Bank of India has shown tremendous strength rallying even in gut-wrenching volatile situation. This shows that accumulation is happening.

Now, let us look at it from a technical perspective. Bank of India appears to be forming a clear Head and Shoulder bottoms, also called the Inverse Head and Shoulder. The left shoulder at bottom is clearly visible, and the head was formed when Bank of India hit 188. Since then a right shoulder appears to be forming. This is an important time to watch Bank of India. A trade can be contemplated with 206 as stoploss, below which the IHS fails and a sharp down can be expected.

Once BankIndia crosses 250, its potential target would be 325, with some resistance at 294. Trade it long above 250, with stoplosses in place, and exit at 294, keeping the rest for 325.

Weekly Updates for May 19-23 - Kailash Pareek

HDIL - My views for this stock remain the same. Buy above 821 for the 1st tgt of 868. After closing above 873 will give more room to move.

BANKINDIA - Look the last two white candles and volume bar. It suggests that there is good interest in the stock. There is also an inverse head and shoulder forming, which should break out Tuesday. The ADX is also below both DI's and now turning up - a setup I like the most.The stock is a good buy above 366 for T1 - 385 and T2 - 405.

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