I will buy BANDHANBNK because :
It has been taking support at the trend line.
It has touched the trend line 4 times and has not been able to break it.
So will be looking at buying opportunities.
Entry : 313
First Target : 352
Second Target : 400
Stop loss : 290
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.
* Breaks short term downward trend line.
* Around 50% retraction, it start moving up.
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!
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
Double Bottom can be seen with 2 attempts at breaching the support at 295 resulting in large volume Short Coverings later.
Buy above 305 for 310, 315, 320, 330 with SL at 295
Short below 290 after confirmation of support breach.
RBI's loan restructuring for MSME may have a positive effect on Bandhan Bank's price. ( Or opposite Jumla! but I won't take short trades tomorrow).
Buy above 308.8 for 313, 315.5, 320, 330 with SL at 303 (I would take these only - explained above)
Sell below 295 with for 285 with 5 point trailing SL
Typically a loan restructuring...