Bandhan Bank Limited (BANDHANBNK) Stock - Complete Technical Analysis - Sep 05, 2024

Bandhan Bank Stock Analysis Key Support

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Bandhan Bank (BANDHANBNK) is currently trading at 204, showing signs of consolidation within a narrow range. The stock is 22.59% below its 52-week high of 263.1, indicating potential room for recovery, but also 20.40% above its 52-week low of 169.15, suggesting that it has gained strength off its lows.

The RSI is at a neutral level, signaling that the stock is neither overbought nor oversold, which can lead to a potential upward or downward move depending on future price action. MACD is showing a slight positive trend, indicating a mild bullish momentum. However, the ADX remains low, reflecting the absence of a strong trend, so traders should watch for any uptick in momentum before entering large positions. The Stochastic indicators suggest that the stock is hovering around the middle range, pointing towards indecision.

Key moving averages are aligning closely around the current price, with the 10, 20, and 50-day EMAs sitting just below 204, indicating a zone of strong support around the 200 level. If the stock remains above these levels, it could confirm the ongoing consolidation phase, but if it breaks below, a decline towards the 190 levels could be expected.

The Awesome Oscillator is slightly positive, adding to the view that buyers are still present in the market. Williams Percent Range is leaning towards the bearish side, so traders should remain cautious as there could be some short-term selling pressure.

In terms of chart patterns, the stock is trading near crucial pivot points, suggesting that any breakout above 216 could spark further upside momentum, while a drop below 187 could trigger a downward movement. The ATR indicates that volatility has been moderate, so traders should be prepared for potential sharp price movements in either direction.

Overall, traders should monitor the support zone at 200 and resistance near 216. A breakout from these levels, supported by rising volume and momentum indicators like RSI and MACD, could provide the next major direction for Bandhan Bank.