Price taking support from the trend line, if you are an aggressive trader then go for buy at this range with stop below the support (dotted lines). If you are an conservative trader just wait for the price to cross the resistance levels and go for it.
As per my thinking bandhan bank is nearing resistance and a strong uptrend shows the buyers are exhausted and now might begin to sell we may see the reversal
lets see this is my view and hope for the best!
NSE:BANDHANBNK
Hi Traders,
Bandhan Bank is moving up with support of trade line. Once it close above 329, a short term higher high and higher low will confirm and you can open new orders based on price action.
Stock Analysis
* Breaks short term downward trend line.
* Around 50% retraction, it start moving up.
Buy Level
Above 329
Target Level
TP1=...
Stock post touching 650 broken Consolidation started going south till 152.
From 152 it made retracement fib levels 0.5 completing first 5 wave impulse
Right now stock trading in parallel channel and expected to respect it as Volume dropping and wave C could be coming to end near 270 which is again 0.5 Fib level of impulse.
Long all dips towards 270
Short term...
Looks like all the bad news is priced in regarding BFSI, Moratorium, Covid at the 280 levels.
Pro otters reluctantly sold the 20% stake at 315 to FII's.
Long at the 285 levels.
Target Rs 280
Fundamentally speaking the Moratoriums will be drag for the BFSI sector.
The Stake selling should not have een a trigger but the inherent weakening of the business model is.
Weak Momentum.,
Target Rs 280
Time Frame : 3 weeks.
Double Bottom can be seen with 2 attempts at breaching the support at 295 resulting in large volume Short Coverings later.
Positional -
Buy above 305 for 310, 315, 320, 330 with SL at 295
Short below 290 after confirmation of support breach.
