It looks like Bandhan Bank will seek lower levels in the near term. From January it started falling from an intermediate high of around 420 levels to 300 levels. Then it consolidated in the band of 320 – 360 for about 10 weeks. Now it has resumed its downward movement. It has broken an important long-term support trend line, in spite of Bank Nifty being strong in the last couple of trading sessions. Important indicators indicate a clear downward bias for the stock. Can be shorted for targets of 300, 280 and 250.
Consider this as an educational idea for follow-up, and not as an investment / trading suggestion.
Consider this as an educational idea for follow-up, and not as an investment / trading suggestion.
Trade active:
On the back of weak Q4 numbers, the stock might slide quickly, in the next 2 to 3 sessions, to 250 levels, and thereafter to 200 levels. One may safetly play the stock by buying 260 PE.