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

OUR RECOMMENDATION

CMP#624.25
IdeaBUY
Buy Range592 – 605
Target670 – 680
StopLoss*593
Duration12 – 15 Trading Sessions
Potential Return^7 – 9%
CMP#IdeaBuy RangeTargetStopLoss*DurationPotential Return^
624.25BUY592 – 605670 – 68059312 – 15 Trading Sessions7 – 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

Bandha 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 CodeBANDHANBNK
Sectoral IndexNifty Bank
52W High650
52W Low368.1
Face Value10
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

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

This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.

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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