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Nifty Bank has regrouped after a plunge and is poised for a potential upside of up to 49,000: Anand James, Chief Market Strategist, Geojit Financial Services. Nifty chart focuses on 21800 level to test buyer strength. Negative correlation between Nifty Bank and Nifty IT evident. Rail stocks like IRFC and RVNL in limelight. Top ideas for the week: SWANENERGY and IRCTC.

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.

On the technical charts, the RSI of the stock stood at 41.39.

The Reserve Bank of India’s tight monetary stance over the past two years has seen the benchmark repo rate inch up from 4% in 2021 to 6.5% in 2023. The last time such rates prevailed was over five years ago in 2018.

After the Ram temple ceremony in Ayodhya, Prime Minister Narendra Modi announced a scheme to install rooftop solar systems in 1 crore homes.

"RSI trending up" means that the Relative Strength Index (RSI) values are increasing, suggesting strengthening momentum in the price of the stock.

A total of 6,361 shares changed hands on the counter till 12:43PM (IST)

V Vaidyanathan says: We got the culture in the bank right; high quality banking, asking our employees to be very, very customer friendly and bend backward for the customer, we got the deposit right. We also got the loan book right. In five years, we have not set one foot wrong on lending side asset quality.

Its profit after tax stood at Rs 360.15 crore in Q3 FY24 as against Rs 702.57 crore it registered in the corresponding quarter of the previous fiscal.