Bandhan Bank Limited (BANDHANBNK) Stock - Complete Technical Analysis - Nov 08, 2024

Bandhan Bank Stock Analysis: Key Support & Resistance Levels, Is a Bounce Coming Partha Kuchana -

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 stock is displaying signs of consolidation near a critical support level around 178, down 32.47% from its 52-week high. The Relative Strength Index, resting at 43.24, reflects a mildly oversold position, indicating some recovery potential, though caution is advised given the weak ADX of 18.83, which signals a lack of strong trend direction. The MACD remains negative, signaling limited bullish momentum in the short term.

Short-term resistance is evident around the 183-186 range, marked by both the 10-day and 20-day moving averages, while the 200-day EMA at 200 remains a significant upper boundary, suggesting potential difficulty in crossing this zone without substantial buying volume. The Awesome Oscillator's negative trend supports this bearish sentiment, with the Ichimoku Base Line indicating further overhead resistance at 189.55.

Recent candlestick patterns show lower daily closes, adding to the downside risk. However, should the price remain above 170, bullish sentiment could spark a short-term rally toward the 190 level. Traders should monitor the Classic and Fibonacci pivots for guidance, as these provide vital support and resistance insights. A close watch on momentum and any change in trend indicators like RSI and MACD will be critical for timing potential entry and exit points.