Bandhan Bank Limited Stock Forecast

Bandhan Bank Limited stock upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.
(Updated on May 31, 2024)

BANDHANBNK.BO Signals & Forecast

The Bandhan Bank Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ₹188.59. On a fall, the stock will find some support from the long-term average at approximately ₹184.22. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, May 29, 2024, and so far it has fallen -1.83%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Bandhan Bank Limited stock

Bandhan Bank Limited finds support from accumulated volume at ₹184.95 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ₹3.95 (2.13%) between high and low. For the last week, the stock has had daily average volatility of 2.59%.

Our recommended stop-loss: ₹180.04 (-4.31%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 29 days ago.)

Trading Expectations (BANDHANBNK.BO) For The Upcoming Trading Day Of Monday 3rd

For the upcoming trading day on Monday, 3rd we expect Bandhan Bank Limited to open at ₹187.40, and during the day (based on 14 day Average True Range), to move between ₹182.97 and ₹193.33, which gives a possible trading interval of +/-₹5.18 (+/-2.75%) up or down from last closing price. If Bandhan Bank Limited takes out the full calculated possible swing range there will be an estimated 5.51% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹188.20 (0.03%) than the support at ₹184.95 (1.70%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Bandhan Bank Limited stock A Buy?

Bandhan Bank Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: -0.716 Hold/Accumulate Upgraded

Predicted Opening Price for Bandhan Bank Limited of Monday, June 3, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.