Bank of Maharashtra has emerged as a stock pick this Navratri, with Sumeet Bagadia, Executive Director at Choice Broking, identifying a positive technical setup in the public sector lender.
The brokerage’s Navratri Pick 2026 report, dated October 9, recommended buying the stock at ₹82.75 and accumulating more on dips towards ₹80, with upside targets of ₹91 and ₹96.
Sharad Navratri 2026 is observed from October 11 to October 20, 2026, starting with Ghatasthapana on October 11 and concluding with Vijayadashami (Dussehra) on October 20
The stock has been lost around 2% in the last 1 month. Meanwhile, it added 1.4% in 3 months, 19% in 6 months, and 47% in the last 1 year. Moreover, it has given multibagger returns, soaring 303% in 5 years. It had hit its 52-week high of ₹94.50 in June 2026 and its 52-week low of ₹54.70 in October 2025.
Choice Broking’s analysis is for traders looking to benefit from the stock’s technical setup. However, the brokerage has identified ₹76 as an important support level that the stock must hold to preserve its positive outlook.
Why Sumeet Bagadia is bullish on Bank of Maharashtra
According to Bagadia, Bank of Maharashtra has maintained a higher-high and higher-low structure on the weekly chart, indicating a sustained uptrend. This pattern suggests that the stock has continued to form successive highs and lows above previous levels, supporting the prevailing bullish trend.
He said, “Bank of Maharashtra is showing a positive technical setup on the weekly chart, with the stock maintaining a higher-high and higher-low structure, indicating a sustained uptrend. The stock has previously broken out of a sideways consolidation range.”
The report also highlighted that the stock had broken out of a sideways consolidation range and repeatedly attracted buying interest near the breakout zone. Multiple reversals from this area have established what the brokerage described as a potential demand zone, where buyers have stepped in to support the stock.
Another factor supporting the recommendation is the stock’s position near its 20-week EMA. Choice Broking said the moving average was reinforcing the positive trend, while the relative strength index (RSI) remained above 50, indicating that bullish momentum was intact.
“Multiple reversals from this area highlight a potential demand zone, supporting the prevailing bullish price structure. The stock is also finding support near its 20-week EMA, reinforcing the positive trend. The RSI is holding above the 50 mark,” noted the stock.
Bank of Maharashtra share price target and trading strategy
For positional traders, Bagadia recommended an entry at ₹82.75, with additional accumulation on declines towards ₹80. The brokerage has set two upside targets: ₹91 and ₹96.
The first target of ₹91 represents a potential gain of approximately 10% from ₹82.75, while the second target of ₹96 implies an upside of around 16%. For investors entering closer to ₹80, the potential gains to these targets would be approximately 14% and 20%, respectively, before transaction costs.
“For positional trades, buying can be considered around 82.75, with additional accumulation on dips towards ₹80. The stock has the potential to move towards upside targets of 91 and 96. The 76 level remains an important support zone,” said the expert.
The ₹76 level is crucial to the recommendation. Choice Broking said holding above this support zone would be important for maintaining the positive technical setup. A sustained break below this level would warrant a reassessment of the bullish outlook.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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