Bandhan Bank upgrade meets strong Q2 rebound
Bandhan Bank gained 4.2% to ₹161.84 on 29 Oct 2026 after Nuvama upgraded it to BUY and brokerages cited a ₹200–₹205 target range. Futures open interest rose 2.0% in a long build-up, with ₹160 max pain.
after close1 source ↓machine-written, see hownot a recommendation
- BANDHANBNK close
- ₹161.84
- On the day
- +4.17%
- Futures OI, long build-up
- +2.0%
- Put-call ratio
- 0.96
- Max pain
- ₹160.00
Bandhan Bank received a more constructive brokerage view after its September-quarter results, with Nuvama upgrading the stock to BUY from HOLD. Nuvama reduced its target price to ₹205 from ₹235, while Jefferies and Elara Capital set targets of ₹200. The revised views followed a correction in the stock and reflected improving confidence in operating performance and asset quality 💼.
The bank reported net profit ₹600 cr for the quarter, up 456% year on year from a low base and slightly ahead of estimates, according to Jefferies. Strong operating profit was partly offset by marginally higher credit costs. Slower deposit growth and pressure on margins remained concerns across the brokerage reports, while Elara described asset quality as stable and the quarter as decent.
Key Points:
• Nuvama upgraded its rating to BUY but cut its target to ₹205 from ₹235, indicating a more positive view on valuation and execution despite lower earnings expectations.
• Jefferies retained a ₹200 target, while Elara Capital retained BUY with a ₹200 target and cited 29% upside. Both brokerages highlighted the need for sustained business growth.
• OI Charts data showed the stock closed at ₹161.84 on 29 Oct 2026, up 4.2%, with volume of 2.34 cr shares. It remained down 13.8% over 20 sessions and 1.2% over five sessions.
• Futures open interest rose 2.0% to 12.75 cr shares in a long build-up. The futures premium stood at 0.79%, while the put-call ratio was 0.96.
The market structure points to ₹160 as the immediate options reference, with max pain and the largest call open interest at that strike. The largest put open interest was at ₹150 for the 23 Nov 2026 expiry, placing the visible options range between those levels.
The recovery case still depends on stronger current-account and savings-account deposits, stable margins and moderating credit costs. The stock’s 52-week range was ₹134.25 to ₹220.76, so the latest close remained below its July high despite the one-day rebound. Investors will watch the next quarterly disclosure and management commentary for evidence that balance-sheet growth is broadening and asset quality remains stable. ⚖️
Source: Business Today, 29 Oct 2026
Not investment advice. For informational purposes only.