1. Almost forming Inverse Head and Shoulder pattern(blue marker)
Strong buy trend in last leg
2. Broke 2 consecutive trend lines(red)
3. Expecting good upward move post US presidential elections
4. Ex CEO Re-Appointed
5. Rise in Advance and Deposits in Sept Quarter and YoY
It is showing signs of completion of a sideways corrective near its Kumo support. If it holds 357 on hourly basis it could retest 400, sustaining above it could take it till 450.
Bandhan Bank at CMP 368/- looks like completing Wave 4 and shall soon start for Wave 5 for the higher targets of 430+ with the SL of 345/- offering a good risk reward opportunity.
It is a very quick approach to analyse chart of a stock ,bandhan bank long term trend is down short term trend is up , it is coming to its trend line it can go up after testing trend line so keep eye for any opportunity
LOOK AT MY ANALYSIS HEHEHEHE I FEEL LIKE A I'M GOOD AT PAINTING.
BUT IT'S MY VIEW.BANDHAN BANK NEVER GONNA TOUCH THE SKY.
INSTEAD IT'S A STOCK WHICH IS DOWN TO EARTH.
Upmove is likely to continue but before that one dip towards 405-390 should be there to keep weak hands out of the market. Opportunity can be searched in this zone with strict stop loss below 379 (for short term trader ) and 350 ( for medium term trader) for target of 500+.
Disc : It's not an investment advise to buy or sell
