Axis Bank (NSE Cash)

Daily Charts (Medium to Long Term)
The candles have broken the trendline on 16th March 21.
RSI too broke the 50 level but I wouldn't panic as yet because the RSI is showing a reversal. This means that Axis Bank may have corrected itself but it isn't weak on daily charts.
There has been a lot of selling as well so we might see a bounce back when the short positions are being squared off in this week.

Hourly Charts (Medium to Short Term)
A very strong support is seen at 708 levels and the resistance is at 754 and 764 levels. Keeping the daily chart study in mind, we may see a strong rally upwards.
An hourly downtrend has been broken on Friday as well which increases my confidence that we might see a strong up-move soon.
Also, there is a bull indicator in my RSI (divergence) which again is a good sign that this week may prove to be very good for Axis Bank.


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