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Investors with a short-term perspective can buy the stock of Bandhan Bank at current levels. The stock has been in a medium-term uptrend since taking support at ₹400 in early February 2019. While trending up, the stock decisively breached a key resistance at ₹515 in late March and continued to trend upwards. The short-term trend is also up for the stock. It trades well above its 50- and 200-day moving averages.
On Wednesday, the stock had conclusively broke-out of a key medium-term resistance at ₹570 by gaining 4.8 per cent. There has been an increase in daily volume over the past five trading sessions. Both the daily and the weekly relative strength indices feature in the bullish zone backing the short-term uptrend. Moreover, the daily and the weekly price rate of change indicators feature in the positive terrain implying buying interest.
Overall, the outlook is bullish for Bandhan Bank. Targets are ₹628 and ₹640. Traders with a short-term view can buy the stock with a stop-loss at ₹590 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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