Technical Stock Pick: Bank of India rallies nearly 40% in 3 months to hit fresh 52-week high; Should you buy or book profits?

Bank of India Ltd, part of the PSU banking space, rallied nearly 40% to hit a fresh 52-week high last week. Short-term traders can look to buy the stock for a target of Rs 199 in the next 3 months. The stock has been making higher highs and higher lows for the past 4 weeks. It has broken out of a rounding bottom pattern on the monthly charts and breached the downward-sloping trendline resistance on the daily charts. The stock is now trading well above most of the crucial short- and long-term moving averages such as 5,10,30,50,100 and 200-DMA on the daily charts.