Cup & Handle Breakout Signals Fresh Upside in Bank of India!

Technical Analysis On the weekly chart, Bank of India has formed a well-defined Cup & Handle pattern, with the neckline breakout zone at ₹127–128. A strong weekly close above this level confirms bullish momentum. The projected breakout target, based on pattern height, comes near ₹160, implying a potential 25% upside from the breakout point. Elliott Wave count suggests the stock is transitioning from a corrective phase into a fresh impulsive Wave 3, which aligns with the bullish price structure. MACD is in positive territory, showing upward momentum without bearish divergence – further validating strength. AVWAP support (anchored from the previous low) is holding near ₹94, with price sustaining well above it. This strengthens the bull case, as institutional average entry remains far lower than current price action. Key support zones are placed at ₹115 and ₹94. Fundamental Strength Bank of India has shown improving asset quality, with lower NPAs compared to previous years. Consistent credit growth in retail and MSME segments, along with strong CASA ratio, supports long-term earnings visibility. Recent quarters have highlighted rising net profit and expanding net interest margins (NIMs), showing operational efficiency. Strong government backing ensures capital adequacy and resilience, making it fundamentally stable. Conclusion With a confirmed Cup & Handle breakout aligning with Elliott Wave bullish structure, Bank of India shows potential to rally towards ₹160 in the medium term. Fundamentals support the move, with improving profitability and asset quality. Traders may consider ₹115 as immediate support and ₹94 as major stop-loss zone, while investors can ride the broader uptrend.