Shares of Bandhan Bank Ltd continued their downward trend for the fifth straight session in Friday's trade. The stock fell 1.76 per cent to hit a new one-year low value of Rs 170.35. At this price, it has slipped 30.21 per cent in 2024 so far.
The stock has been sliding after the lender's MD and CEO Chandra Shekhar Ghosh announced that he would retire from the top post upon completion of his current tenure on July 9, 2024.
Technical analysts largely suggested that the counter is in a corrective phase. "It is advisable to maintain caution," one of them said. Support could be seen at Rs 168 level. Resistance may be found at the Rs 182.
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "Bandhan Bank's stock is in a corrective phase. A series of resilience could be seen between Rs 180-185 and Rs 190-200 levels in the short term. On the lower end, a breach below the recent swing low of Rs 168 would further disrupt the chart structure for the counter. It is advisable to maintain caution in the counter."
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, "Support on the counter will be at Rs 168. And, resistance will be seen at the Rs 185 zone."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 168 and resistance at Rs 188. A decisive close above the Rs 188 level may trigger a further upside to Rs 195. The expected trading range will be between Rs 165 and Rs 210 for a month."
AR Ramachandran from Tips2trades said, "Bandhan Bank stock price has strong support at Rs 168. A daily close above resistance of Rs 182 could lead to target of Rs 223 in the near term."
As of March 2024, promoters held a 39.98 per cent stake in the Kolkata-based private lender.