rkvsenthil

BANKINDIA | Nice Pullback from Trendline and FIB level

Long
NSE:BANKINDIA   BK OF INDIA
High Probability - Pullback from Trendline / FIB level
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Initial Buy levels : 56 - 59
Initial S/L : 53
Average more @ 62.5+ & 70+ levels

Technicals:
- Price bouncing with volume near INR .55 - 58 level, which is a perfect
Confluence of Trendline support and FIB 61.8 level.
- similar Confluence of Volume /FIB level Setup on 2'Nov20, resulted in a big rally.

Fundamentals:
- stock trading at 0.5 of its book value
- EPS turned positive ( INR +6.x compared to last year's INR -9.x))
- beneficiary of Govt's new Bad Bank announcement on 16Sep21.
- GNPA may reduce once NPAs are transferred to NARCL(bad bank).

Targets :
- Always Trail your S/L and leave the reward to Market.
(watch out when the price is INR .105+.. price movement may be faster. )

Caution : Midcap PSU stock... Prefer to allocate NOT more than 5-10% of your capital. And please consult your financial advisor to know more about the share market and the risks associated with buying / selling shares.
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