Sell Bank of India: Sameer Shetye

Sameer Shetye, Derivatives & Technical Analyst, AK Stockmart in an interview with ET Now talks about Bank of India.

Some of the other counters, particularly from the PSU lot, the likes of Bank of India?

Bank of India, if you look at the entire structure, the bank has been taking the resistance on a very strong supply line which extends from the tops of 590. Every time the stock reaches manages to test this particular supply line, you get a huge amount of selling.

Currently, the stock has been making lower tops lower bottoms, so current top being made at close to 500 levels and stock is very well on its way to test close to 400 levels. So yes, Bank of India again looks very weak to me and I advise selling at these levels for a target of close to 400.