Breakout in Bandhan Bank

BANDHANBNK has given a strong breakout from a triangle formation with good volumes in today’s session. It looks like a descending triangle but the breakout has occurred on the upside. Volumes look good as well.

Height of the formation gives a 25% move and the stock closed 4.4% up today from the upper trendline so there is likely healthy upside remaining.

On the risk side, previous swing high is yet to be taken out. If the stock fails to break the previous swing high at 259.25 in next few sessions then the idea is invalidated.