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Bandhan Bank (₹278) : Sell

Bandhan Bank (₹278) : Sell

The short term outlook for Bandhan Bank stock is bearish. After falling over 11 per cent on Monday, the stock is consolidating in a narrow range of ₹273 and ₹287. Broadly speaking, the stock has ranged between ₹240 and ₹350 for over a year. The stock has been declining in this range since mid-May. It is more likely to extend the decline from current levels to ₹240 – the lower end of the range in the coming days. A break below ₹273 could trigger this downside. Resistance lies in the ₹287- ₹300 area which could lead to an upside move.

The 21-day moving average (DMA) is on the verge of a break below the 100-DMA. This is a negative sign and also strengthens the bearish case. Traders can go short at current levels. Deposit shorts in increments of ₹285. Place stop-loss at ₹296. As the stock drops to ₹268, move the stop-loss back to ₹275. As soon as the stock touches ₹258 on the downside, move the stop-loss further down to ₹265. Book profit at ₹245. A bounce above ₹240 will keep the sideways range and take the price higher.

(Note: Recommendations are based on technical analysis. There is a risk of loss in trading.)

Published on

24 June 2022

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Bandhan Bank (₹278) : Sell

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