Axis Bank Long Call-
Axis bank is making rounding bottom formation on daily charts with a base near 490-500 levels and a breakout zone of 550-555.
last Friday stock closed near to its breakout zone of 555. Considering stock results are going to announced on Monday, we are expecting a breakout to happen which could take the stock to near previous highs of 600-620 levels.
Reasons Supporting Breakout-
-Nifty Pvt. Banks had show a ascending triangle breakout on weekly charts with life time high made last week, so axis bank has to contribute if nifty Pvt. bank has to maintain that breakout.
- Good rounding bottom formation on Axis bank charts also suggest a positive outlooks for next 2-3 weeks.
Axis bank is making rounding bottom formation on daily charts with a base near 490-500 levels and a breakout zone of 550-555.
last Friday stock closed near to its breakout zone of 555. Considering stock results are going to announced on Monday, we are expecting a breakout to happen which could take the stock to near previous highs of 600-620 levels.
Reasons Supporting Breakout-
-Nifty Pvt. Banks had show a ascending triangle breakout on weekly charts with life time high made last week, so axis bank has to contribute if nifty Pvt. bank has to maintain that breakout.
- Good rounding bottom formation on Axis bank charts also suggest a positive outlooks for next 2-3 weeks.
Comment:
As expected stock is moving upward to hit Target of 580-600 in next few trading session.
Comment:
Target Achiebved, call closed