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.
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.
Channel Resistance - Reached very close to 490-495 as expected- This channel could act as villain.
Villain Channel Restricts Price - Mugambo Khush Hua. Reminds me of Legendary Actor Amrish Puri
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.
Has a sharp fall from 491.50's -Risky call could be going short with stops above recent email@example.com -Target -473 & Below 473 for 460-465
Nifty is at 8510
SBI came close to 248 & bounced
TCS trading at 2278
Risky Stop has been taken at 491.50 & above - made a marginal firstname.lastname@example.org- structure is not looking good as Nifty jumped 80-100 points & Axis has not moved much- so this up move looks doubtful.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ