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Bandhan Bank is showing signs of trend reversal. The stock surged 4.8 per cent on Tuesday has taken it well above the 200-Day Moving Average as well as a trend line resistance. A moving average cross-over is also visible on the weekly charts. All these factors are strengthening the bullish case. Key immediate support is in the ₹247-245 region. Below that ₹237 is a slightly lower support.
Bandhan Bank share price can rise to ₹275 and ₹290 over the next two-three weeks. Traders can go long now. Accumulate on dips at ₹248. Keep the stop-loss at ₹238. Trail the stop-loss up to ₹258 as soon as the stock moves up to ₹263. Move the stop-loss further up to ₹268 when the price touches ₹273. Exit the long positions at ₹285.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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