Bandhan Bank share price has been in a strong downtrend since the beginning of the year. The downtrend is intact. There is room for the share price to fall more from current levels. Resistance is around ₹182. Above that, ₹185-₹187 will be the next strong resistance zone. Intermediate bounces are likely to see fresh sellers coming into the market at higher levels. As such we expect the upside to be capped either at ₹182 itself or at ₹187. Bandhan Bank share price can fall to ₹164 this week. Traders can go short now at ₹176. Add shorts on a rise at ₹180. Keep the stop-loss at ₹184. Trail the stop-loss down to ₹172 as soon as the stock falls to ₹169. Move the stop-loss further down to ₹168 when the price touches ₹166. Exit the shorts at ₹164.
Today’s Stock Recommendation: 16 April 2024
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)