Bandhan Bank: Multi-Signal Breakout with Improving Fundamentals – Is a New Uptrend Taking Shape?

Technical Analysis 🔹 Elliott Wave Structure The stock appears to have completed a prolonged corrective phase, with the recent breakout suggesting the beginning of a fresh impulsive wave. A series of higher highs and higher lows after reclaiming the ₹185–190 zone strengthens the probability of a new bullish cycle. 🔹 MACD Confirmation The recent rally is consistent with a bullish MACD crossover, reflecting improving momentum after an extended period of sideways consolidation. As long as momentum remains positive, buyers are likely to retain control. 🔹 AVWAP Support Price is trading above the Anchored VWAP (AVWAP), indicating that the average institutional participant is in profit. The AVWAP now acts as a dynamic support, increasing the probability that any short-term pullback could attract fresh buying interest. Chart Structure ✅ Breakout above the long-standing resistance near ₹185–190 ✅ Multi-month consolidation followed by expansion ✅ Higher High and Higher Low structure established ✅ Price trading above key moving averages ✅ Resistance converted into a potential support zone A sustained weekly close above the breakout area would further validate the strength of the ongoing trend. Fundamental Strength Bandhan Bank has been showing encouraging improvements in its business performance through: Strong retail-focused banking franchise with a large customer base. Improving asset quality supported by better control over stressed loans. Healthy growth in deposits and advances, strengthening the balance sheet. Improving profitability driven by better operating efficiency and credit cost normalization. Well-capitalized position, providing room for future business expansion. Key Levels to Watch Immediate Support: ₹185–190 Current Breakout Zone: Above ₹200 Next Potential Resistance: ₹235–240