AXISBANK provides an attractive entry for Long position

AXISBANK has been staying above 800 for the last couple of days closings. The strength in BankNifty also suggests that banks may have a quick burst upwards. The risk reward supports a Long entry for the short term around 805. Targets would be 840, 860 and 900. Stop Loss would be any closing below 785 on daily basis.

Disclaimer - I have a position open on AXISBANK.


** Important Note - This post is my own study of the mentioned scrip and the views are given with reservation that they may prove to be wrong. I am not a SEBI registered analyst. Please consult your investment advisor before making financial investments.

Trade active

Comment:

Still holding the position with puts for hedge. Might test the previous 2 weeks bottom of 780-85 as Nifty enters into a minor correction along with other world markets. However overall bullish view has not changed yet, so sticking it out with the long position to see if Banks re enter bullish mode by the end of the week.

Trade closed: stop reached:

Exited position on 29-Sep on close below SL.