Bank of India Limited Stock Forecast
Stronger technical forecast for Bank of India Limited stock price after Thursday trading.
(Updated on Mar 28, 2024)
The Bank of India Limited stock price gained 3.90% on the last trading day (Thursday, 28th Mar 2024), rising from ₹131.90 to ₹137.05. During the last trading day the stock fluctuated 3.80% from a day low at ₹132.80 to a day high of ₹137.85. The price has risen in 6 of the last 10 days and is up by 6.7% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 5 million more shares were traded than the day before. In total, 13 million shares were bought and sold for approximately ₹1.83 billion.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 11.20% during the next 3 months and, with a 90% probability hold a price between ₹143.28 and ₹179.31 at the end of this 3-month period.
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BANKINDIA.NS Signals & Forecast
The Bank of India Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at ₹134.03 and ₹137.04. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, February 02, 2024, and so far it has fallen -9.57%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Bank of India Limited stock
Bank of India Limited finds support from accumulated volume at ₹133.70 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹5.05 between high and low, or 3.80%. For the last week, the stock has had daily average volatility of 2.65%.
Our recommended stop-loss: ₹128.55 (-6.20%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 37 days ago.)
Trading Expectations (BANKINDIA.NS) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Bank of India Limited to open at ₹135.90, and during the day (based on 14 day Average True Range), to move between ₹131.15 and ₹142.95, which gives a possible trading interval of +/-₹5.90 (+/-4.30%) up or down from last closing price. If Bank of India Limited takes out the full calculated possible swing range there will be an estimated 8.60% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹138.60 (1.13%) than the support at ₹133.70 (2.44%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Bank of India Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Bank of India Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.469 Buy Candidate Upgraded
Predicted Opening Price for Bank of India Limited of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
₹135.90 ( 0.84%) | ₹137.05 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BANKINDIA.NS
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 140.95 | 2.85 % | |
R2 | 139.02 | 1.44 % | ||
R1 | 137.83 | 0.568 % | ||
Current price: | 137.05 | |||
Support | S1 | 133.97 | -2.25 % | |
S2 | 132.78 | -3.12 % | ||
S3 | 130.85 | -4.52 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 151.55 | 10.58 % | |
R2 | 141.65 | 3.36 % | ||
R1 | 138.60 | 1.13 % | ||
Current price | 137.05 | |||
Support | S1 | 133.70 | -2.44% | |
S2 | 130.90 | -4.49% | ||
S3 | 129.10 | -5.80% |
BANKINDIA Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jun 20, 2023 | Jun 20, 2023 | Jun 20, 2023 | ₹2.00 | 2.69% |
2 | Jul 07, 2022 | Jul 07, 2022 | Jul 07, 2022 | ₹2.00 | 4.35% |
3 | May 28, 2015 | Jul 10, 2015 | Jul 24, 2015 | ₹5.00 | 2.92% |
4 | Jan 13, 2014 | Jan 23, 2014 | Jan 29, 2014 | ₹5.00 | 2.40% |
5 | May 13, 2013 | Jun 20, 2013 | Jul 29, 2013 | ₹10.00 | 5.55% |
FAQ
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