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Bank of India, Oil India, SRF: Trading strategies for these three stocks

Bank of India, Oil India, SRF: Trading strategies for these three stocks

Bank of India has displayed a strong bullish momentum by breaking through a significant resistance. The RSI is currently at 66-level, indicating positive market sentiment.

Oil India has recently experienced a breakout from a consolidation pattern on the daily chart and is currently trading above a crucial moving average. Oil India has recently experienced a breakout from a consolidation pattern on the daily chart and is currently trading above a crucial moving average.
SUMMARY
  • Domestic equity market settled lower on Monday amid geopolitical tensions.
  • An analyst from LKP Securities is positive Bank of India and Oil India.
  • The analyst suggested a 'sell' on SRF, citing its weak relative strength.

The Israel-Hamas war sent domestic stocks tumbling on Monday, as investors flee to save haven assets amid fear the war may push oil prices and, thus, inflation higher. The BSE barometer Sensex crashed 483.24 points, or 0.73 per cent, to settle at 65,512.39. The NSE Nifty dropped 141.15 points, or 0.72 per cent, to end at 19,512.35. A handful of stocks namely SRF, Oil India and Bank of India are likely to be in focus today. Here is what Rupak De, Senior Technical Analyst at LKP Securities to say on these stocks ahead of Tuesday's trading session:Oil India | Buy | Target Price: Rs 325 | Stop Loss: Rs 307 Oil India (OIL) has recently experienced a breakout from a consolidation pattern on the daily chart and is currently trading above a crucial moving average. Additionally, the Relative Strength Index (RSI) has shown a bullish crossover. The stock has an immediate support at Rs 307 and resistance at Rs 325.SRF | Sell | Target Price: Rs 2,050 | Stop Loss: Rs 2,260 Shares of SRF recently broke down from a consolidation pattern on the daily chart. It stayed below a crucial moving average. The Relative Strength Index (RSI) is showing a bearish crossover. The support for the stock is seen at Rs 2,050 while resistance for the same is at Rs 2,260.Bank of India | Buy | Target Price: Rs 115 | Stop Loss: Rs 95 Bank of India has displayed a strong bullish momentum recently by breaking through a significant resistance or supply zone. The Relative Strength Index (RSI) is currently at a healthy level of 66, indicating positive market sentiment. Additionally, the stock is trading above its 100-day moving average, further supporting the bullish outlook. Traders might consider taking advantage of a potential retracement in the stock's price, with a suggested long position at the current price of Rs 103. Setting a stop loss at Rs 95 provides downside protection, while targeting a price of Rs 115 offers a potential upside opportunity.Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

Also read: Bank of Baroda shares in focus ahead of board meeting on fund raising

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Oct 10, 2023, 7:14 AM IST
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