Bank of India jumps about 18% in six days

Bank of India rose 4.09% to Rs 96.65, extending gains for the sixth trading session.

Shares of Bank of India have risen 17.51% in six sessions.

The stock hit a 52-week high of Rs 97.10 in early trade today. It 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 36.59% compared with 2.16% rise in the Sensex.

The scrip outperformed the market in past one quarter, surging 83.46% as against Sensex's 4.72% rise.

The scrip had outperformed the market in past one year, gaining 76.09% as against Sensex's 6.58% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 87.28. 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 64.93, 57.40 and 52.18 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.

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