Axis Bank has been consolidatiing inside a channel pattern for the past three months....and it is ready a break a inverted head and shoulder pattern in its monthly time frame. We can expert a movement of atleast 15 to 20% in the short term.one can enter after a bullish candle at the bottom of the channel pattern or could wait for the channel pattern. Make sure you enter at the right spot and have atleast a risk reward ratio of 1:2......Cheers!!!
inverted h&s on 1M frame you are saying is beautiful, you should have attached it here.
nichuz_99
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@gkinoct2020, greetings mate, since the pattern is in monthly time frame it might take a long time break out and that's why i haven't attached it here.
harmanimpexllp
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Hi i am.holding axis bank at 848 levles do you think my cost will come in nov series also how long to hold for your target plz guide
nichuz_99
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@harmanimpexllp, axis bank is fundamentally a very strong stock.....so you don't have to be worried about your position. This fall is Just a market correction as the earnings ratio's are a bit overhyped (and mainly due to Morgan Stanley's downgrade to Indian equities). the stock has took a support at its 200 ema according to my predicition if the nifty pulls back, the stock might bounce back atleast 15 to 20%. just hold and patiently and also you can try to add more stocks. cheers!!
TradingWithRahul
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I have axis bank 870 call of November. Should I hold it for this month?
Ruturajm
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@TradingWithRahul Too much OTM please shift your strike to itm options
nichuz_99
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@TradingWithRahul, try to shift your strikes and i would suggest you to go with in the money strikes....
TradingWithRahul
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@nichuz_99 I don't have enough capital to get ITM options