SHORT-TERM TRADING TIPS: BUY BANK OF INDIA @ TARGET OF RS.505

IIFL is bullish on Bank of India (BOI) and has recommended buy rating on the stock with a target of Rs 505 in its April 5, 2011 research report.

Last week Bank of India crossed critical hurdle of Rs 470-472 and has been able to sustain above same for third consecutive trading session. Daily chart shows that the stock has broken out from Ascending triangle and manage to close above in positive terrain for third trading day. RSI on the weekly chart has also given positive crossover after moving in a rounding bottom pattern. Based on above mentioned technical parameters, we recommend traders to buy the stock above Rs 489 with stop loss of Rs 483 for target of Rs 505,” says IIFL research report.