Bank of India slides 11% in five days

Bank of India slipped 4.36% to Rs 71.90, extending losses for the fifth consecutive trading session.

Shares of the PSU lender lost 11.41% in five trading sessions from its recent closing high of Rs 81.16 on 6 March 2023.

On the BSE, 6.37 lakh shares were traded in the counter so far compared with average daily volumes of 18.33 lakh shares in the past two weeks. The stock hit a high of Rs 75.17 and a low of Rs 70.9 so far during the day.

The stock hit a 52-week high of Rs 103.5 on 15 December 2022. The stock hit a 52-week low of Rs 40.4 on 20 June 2022.

The stock had underperformed the market over the past one month, declining 7.52% compared with 4.87% decline in the Sensex.

The scrip had also underperformed the market in past three months, sliding 27.74% as against Sensex's 7.37% rise.

However, the counter had outperformed the market in past one year, jumping 47.19% as against 2.78% increase in the Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 39.980. 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 below its 50-day and 100-day simple moving average (SMA) placed at 82.19 and 80.43 respectively. These levels will act as crucial ressitance zones in near term.

Bank of India is a public sector bank. The Government of India held 81.41% stake in the bank as on 31 December 2022.

The state-run bank's net profit increased 12% to Rs 1,151 crore on 26.3% rise in total income to Rs 14,159.60 in Q3 FY23 over Q3 FY22.

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