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Bandhan Bank Technical Analysis #95: Buy | Target Rs 670 | Arijit Banerjee

CMP#624.25
IdeaBUY
Buy Range605 – 615
Target670 – 680
StopLoss*593
Duration12 – 15 Trading Sessions
Potential Return^7 – 9%
CMP# Idea Buy Range Target StopLoss* Duration Potential Return^
624.25 BUY 605 – 615 670 – 680 593 12 – 15 Trading Sessions 7 – 9%

# CMP on Oct 29, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 647.
^ The returns are calculated based on CMP#

COMPANY OVERVIEW

Bandhan Bank Limited is a Indian commercial bank, operates through Treasury, Retail Banking, Corporate Banking and offers savings and current accounts, fixed deposits etc. The bank also provides home loans, two-wheeler loans, gold loans, MSME loans, business loans, working capital loans, agricultural loans etc. Bandhan Bank posts 99% jump in net profit at Rs 971.80 crore in Q2FY19; net interest income improved by 42%.

Stock Data
NSE Code BANDHANBNK
Sectoral Index Nifty Bank
52W High 650
52W Low 368.1
Face Value 10
Relative Performance_Bandhan Bank vs Nifty Bank

TECHNICAL OBSERVATIONS (WEEKLY)

  • Stock Price has recently made Breakout above the true crucial Weekly Resistance, at 580.
  • The stock formed well defined Symmetrical Triangle Pattern over the last one year and a breakout above the upper side shows bullishness.
  • Price has been holding above all important Moving Average parameters.
Bandhan Bank Weekly Chart
Bandhan Bank Weekly Chart

TECHNICAL OBSERVATIONS (DAILY)

  • Higher Tops and Higher Bottoms at Daily Chart.
  • ADX and +DI both above 25 indicate buying momentum and probable further price rise.
Bandhan Bank Daily Chart
Bandhan Bank Daily Chart

CONCLUSION - Bandhan Bank SHARE PRICE FORECAST

Based on our short term delivery trading tips, Bandhan Bank share price target will be 670 – 680 in the next few days.

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

The research analysis is prepared by Arijit Banerjee, CMT, CFTe. He is a veteran trader and an active investor having in-depth knowledge in financial market research, advanced technical analysis, market cycle, algorithmic trading and portfolio management. Arijit is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts, USA. SEBI, the regulatory body of Indian financial market also recognizes him as a Research Analyst (INH300006582).

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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