Bandhan Bank Ltd

NSE :BANDHANBNK   BSE :541153  Sector : Banks

Shares of Bandhan Bank jumped 7 per cent in early trade on Monday on the back of a couple of tailwinds over the counter. Stock closed at 341.15 on NSE.

The Assam government’s decision of providing relief as well as incentive for MFI loans will partially address one of the key concerns of its elevated stress pool in Assam. Bandhan Bank, with highest market share in Assam, is naturally bound to benefit from the scheme.

What’s Ahead? Technical Outlook of BANDHANBANK:

Stock has gained attraction today on account of new flows, Facing downward sloping resistance on weekly chart as marked above on the chart. On Weekly time frame chart stock has underperformed Private Banking sector index and Nifty Index. Comparative Relative Strength Index is on verge of cross over and we may see stock outperforming in the market in the next few trading session, Fresh breakout in the stock will be seen once stock sustains above 345 which is the key resistance levels for the stock. Once stock crosses above 345 we can expect targets of 370- 428 in next few trading sessions, Stop loss for the buy position in the stock should be placed below current week’s low i.e. 319.85