Bank of India slips on profit selling

9 Dec 2022 , 12:00 PM

Shares of Bank of India rallied 21.9% in the past six sessions. On the BSE, 29.58 lakh shares were traded in the counter so far compared with average daily volumes of 21 lakh shares in the past two weeks. The stock hit a 52-week high of Rs 103 in intraday today. The stock hit a 52-week low of Rs 40.40 on 20 June 2022. The stock had outperformed the market over the past one month, soaring 30.19% compared with 2.19% rise in the Sensex. The scrip outperformed the market in past one quarter, surging 92.79% as against Sensexs 4.31% rise. The scrip had outperformed the market in past one year, jumping 82.60% as against Sensexs 8.06% rise. On the technical front, the stocks daily RSI (relative strength index) stood at 81.182. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 66.04, 57.96 and 52.42 respectively. These levels will act as crucial support zones in near term. The PSU bank reported 8.7% decline in net profit to Rs 960 crore despite of 10.8% rise in total income to Rs 12,914.72 crore in Q2 FY23 over Q2 FY22. Bank of India is a public sector bank. The Government of India held 81.41% stake in the bank as on 30 September 2022. Powered by Capital Market – Live News