Axis Bank In the range,

Updated

It appears it is going to correct, One can go short for the lower end of the channel touch aroud 467, but with strict stoploss of 525. If it fails touching and going above 525 is clear indicatio of weakness.

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it is trying hard to go to 525 level, if it goes above i feel it will be false break out to the upside, traders may get trapped, be cautious see the price action over there and trade, as big sellers are up there

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interesting chart to watch, If the price crosses above 529.84, around 530 the momentum may come in to the movement of nearly 4 %. i mean it may touch even 558 , watch out. Please trade accordingly, if market trend up who knows it may happen today itself

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momentum breakout came the way it is correcting is suggesting one cannot anticipate anything in trading. the way it has come back to the level where it took off from yesterday. i am posting this for study purpose, and it suggests range breakout is in question as sellers in this stock hasn,t faded yet.

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Axis bank coming back to the range of this month range of 500. So Watch out. If it breaks possibly another leg of correction. Interesting play of price action. Overall trend of Axis bank is negative.

nalinakshi

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