Stock name: Bank of India

Pattern: Strength in stock

Time frame: Daily

Observation:

This stock, along with the other PSU bank stocks, also had a fantastic run-up in October to December 2022. Since then, all of the PSU bank stock have been in a correction.

However, recently this stock has picked up momentum with volumes and also has gone above the resistance of 75 (which earlier acted as a support and hence should have now acted as a resistance).

Above 85-86 levels, buyers will gain more control in this counter.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) Sonata Software: Company achieves the status of Microsoft Cloud Solution Partner.

2) Bajaj Electricals wins a 565 crore Rs. contract, stock rises

3) 3-year lock-in period of SBI in Yes bank ending today. Lock-in of other banks ending in March itself.

4) The government has finalised two new PLI schemes worth over Rs. 7,000 crores to give impetus to domestic manufacturing of items such as toys and bicycle components.