Bandhan Bank Limited (BANDHANBNK) Stock - Complete Technical Analysis - Dec 16, 2024

Bandhan Bank Technical Analysis Bearish Trend, Key Support & Resistance Levels Should You Buy or

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 Limited (BANDHANBNK) is showing bearish signs with the stock price trading at 169.73, down from a 52-week high of 263.1. The stock is currently experiencing significant downside, with technical patterns such as the Three Black Crows indicating a continuation of the bearish trend. A spinning top pattern formed recently, signaling indecision, which is typical in market consolidation periods.

The Average Directional Index (ADX) is at a low level, indicating a weak trend, while the RSI is positioned near neutral territory, pointing to a lack of strong buying or selling momentum. The MACD below zero and the Awesome Oscillator confirm that bearish momentum is dominant. The CCI is also in the negative range, confirming that the stock could continue to face selling pressure.

Key support levels are seen at 159.49, 149.9, and 127.41. On the upside, resistance lies at 181.98, 194.88, and 217.37, with Fibonacci retracement levels also showing potential resistance near 180.98 and 186.29.

Considering these indicators and patterns, the stock seems to be in a bearish phase. Traders should stay cautious and monitor support levels closely for any potential reversal. If the stock breaks through support, further downside could be seen. However, if theres a reversal at support, it could offer a buying opportunity for a bounce.