Kathmandu, Kamana Seva Bikas Bank is one of the 12 development banks in Nepal. The bank has 20 branches in the capital and 104 branches outside the capital. The bank, which has also made banking service lockers and remittances a source of income, has earned a net profit of Rs 586.1 million more till mid-April of the current fiscal year. The bank has a share capital of Rs 2.65 billion and a reserve fund of Rs 776.8 million.

Analyzing under Elliott Wave, the share price of the bank, which is currently at Rs 580, can be as high as Rs 550 for completing Wave A, making Wave B for Rs 600 and re-correcting it for Wave C for around Rs 500.

 If the bank's share price falls, support of 0.23 percent may come to Rs 590, support of 0.38 percent to Rs 544, support of 0.5 percent to Rs 508 and support of 0.61 percent to Rs 475.

The bank's earnings per share (EPS) at Rs 399.2 million on return on earnings is Rs 29.47 and net worth is Rs 144.35. The share capital ratio of Safal Bank is 49 percent for the general public and 51 percent for the founders. The operating profit of the bank has doubled during the review period compared to the same period of the previous year.

The bank's current RSI stands at 68.46 points. Which means it's in the overbought zone. The correction had taken place after reaching the previous level of 86.07.

Heap resistance

Resistance 1–604

Resistance 2–628

Resistance 3–679

Pivot point: 577

Support in case of fall

Support 1 - 553

Sarpot 2–526

Sarpot 3–475