Axis Bank stock technical analysis
Idea:
I am bullish on Axis Bank and believe that the stock is in a strong uptrend. The stock has been forming a cup and handle pattern on the daily chart, which is a bullish reversal pattern. The stock has also broken out of a resistance level at 990. I am looking for the stock to reach a target of 1050 in the next 2-4 weeks.
Entry:
I would enter a long position on Axis Bank above 990. I would use a stop loss of 985.
Target:
My target for the trade is 1050. I would exit the trade if the stock closes below 985.
Risk:
The risk on this trade is 50 points, or 5% of the stock's current price.
Notes:
This is just a trading idea and not financial advice.
Here are some additional factors to consider when trading Axis Bank:
I am bullish on Axis Bank and believe that the stock is in a strong uptrend. The stock has been forming a cup and handle pattern on the daily chart, which is a bullish reversal pattern. The stock has also broken out of a resistance level at 990. I am looking for the stock to reach a target of 1050 in the next 2-4 weeks.
Entry:
I would enter a long position on Axis Bank above 990. I would use a stop loss of 985.
Target:
My target for the trade is 1050. I would exit the trade if the stock closes below 985.
Risk:
The risk on this trade is 50 points, or 5% of the stock's current price.
Notes:
This is just a trading idea and not financial advice.
Here are some additional factors to consider when trading Axis Bank:
- The overall market sentiment. If the overall market is in a downtrend, it will be more difficult for Axis Bank to break out of its current trend.
- The news flow. Any negative news about Axis Bank or the banking sector could weigh on the stock price.
Please do your own research before making any investment decisions.
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