Axis Bank- Bang on for Monthly Move- What Next?

WaveTalks Updated   
Last Price@478.70

As per monthly update- suggested that any close below 540 can trouble the bank- look its almost got 2 big red candles which surely looks impulsive downside.

What Next?

Trading Strategy-1
Going below 473- It's likely that Axis will continue down & make new lows below 468

Alternate Trading Strategy
It's a risky call with stops below 473- once it could bounce to the zone 490-495 where it should face resistance- I shall look into the situation once it goes into that zone.

Trade active:
14:50 Hrs 7th Nov2016

Last Price@487.50

Day High@489.40

Channel Resistance - Reached very close to 490-495 as expected- This channel could act as villain.

Trade active:
15:20 Hrs 7th Nov2016

Last Price@484.05

Villain Channel Restricts Price - Mugambo Khush Hua. Reminds me of Legendary Actor Amrish Puri

Trade active:
14:11 Hrs 8th Nov2016

Last Price@489.05

Axis is in Cage & not a good stock to trade at the moment -once it breaks above the cage, then likely shall favor bulls or going below 273 & sustaining shall open downside.
Trade active:
14:17 Hrs 8th Nov2016

Last Price@489

Has a sharp fall from 491.50's -Risky call could be going short with stops above recent high@491.50 -Target -473 & Below 473 for 460-465

Nifty is at 8510

SBI came close to 248 & bounced

TCS trading at 2278
Trade active:
15:16 Hrs 8th Nov2016

Last Price@491

Risky Stop has been taken at 491.50 & above - made a marginal high@491.90- structure is not looking good as Nifty jumped 80-100 points & Axis has not moved much- so this up move looks doubtful.

Best Regards,
Abhishek H. Singh
​Growth Director - TradingView India

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