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The stock of Bandhan Bank is on a long-term downtrend. The short-term trend also looks bearish as the stock recently breached a key support at ₹250 and fell further. Although the stock saw its price appreciate on Tuesday it is likely to be a corrective move and the overall bias is negative.
We expect the stock to depreciate on Wednesday and thus, one can consider selling for intraday. Traders can short the stock at the current level of about ₹214 and add more shorts when price moves up to ₹216. Place stop-loss at ₹219. Liquidate the shorts at ₹206. But in case the stock opens the session above ₹218, refrain from trading.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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