Indian benchmark indices, Nifty and Sensex, experienced a volatile trading session, paring early gains to close with modest increases. Despite the market's fluctuations, certain stocks are showing promising potential for traders looking for short-term opportunities. According to technical analysts, Bank of India and Shipping Corporation of India (SCI) present compelling buying opportunities on Friday, October 24, 2025.
Bank of India: Potential 6% Upside
Bank of India (BOI) is currently trading around ₹135.67. Technical analysis suggests a potential upside of approximately 6%, with a target price of ₹143. A stop loss can be placed at ₹130 to manage risk.
- Technical Perspective: Bank of India has demonstrated a breakout from a rounding bottom pattern on the daily chart, signaling strong accumulation and renewed buying interest. The stock's price is comfortably positioned above its 20, 50, 100, and 200-day Exponential Moving Averages (EMAs), reinforcing the strength of the current uptrend. The Relative Strength Index (RSI) is trending higher, currently at 72.80, indicating strong bullish momentum and potential for further gains in the near term. Any dip in price should be viewed as a buying opportunity.
- Analyst Ratings: Based on ratings from 5 analysts, the consensus 12-month price target for Bank of India is ₹137.33, with estimates ranging from a high of ₹150 to a low of ₹120.
- Market Sentiment: Investor optimism is rising, as the stock has moved above its historical rejection level, placing it in a bullish zone.
Shipping Corporation of India: Potential 14% Upside
Shipping Corporation of India (SCI) is showing even greater potential, with analysts predicting a possible 14% upside. The stock is currently trading around ₹248.85. The recommended strategy is to buy at ₹250, setting a target price of ₹285 and a stop loss at ₹232.
- Technical Perspective: SCI has broken out above a key resistance level on the daily chart, closing with a strong bullish candlestick. This signals renewed buying interest and robust accumulation. Similar to Bank of India, SCI is trading above its 20, 50, 100, and 200-day EMAs, confirming the strength of the uptrend. The RSI, currently at 70.81 and trending upward, suggests continued bullish momentum. The stock has been in an uptrend and appears to be preparing for a significant short-term rally, as indicated by the rising bottoms.
- Analyst Ratings: Forecasts suggest a long-term increase, with one estimate predicting a price of ₹389.25 by 2030.
- Market Sentiment: The price has been consistently sustaining above the 21 EMA, keeping the overall bullish outlook intact.
Overall Market Trend
The short-term trend for the broader market remains strong, although some analysts anticipate a potential pullback towards the 25,700 level in the Nifty index in the coming days. However, the overall trend is expected to remain intact, with the potential to revisit higher levels around 26,200 in the next 10-15 days. Immediate resistance is placed at 26,000, and a move above this level could propel the index towards 26,200.
Disclaimer: The recommendations provided here are for informational purposes only and should not be considered investment advice. It is essential to conduct thorough research and consult with a qualified financial advisor before making any investment decisions. Market conditions are subject to change, and past performance is not indicative of future results.
