General Trend: After the COVID crash of 2020, Axis Bank hit a high of 865 on October 21st , 2021, completing Wave 1 and entered Wave 3 after completion of wave 2 on June 16th 2022.
The stock is currently in a bullish mode and it's in extension, having completed subwaves 1 and 2 of Wave 3 and it has broken out of a consolidation zone and is looking to surge ahead with subwave 3 of Wave 3.
Ichimoku Cloud: Applying the Ichimoku cloud to the chart shows that prices are trading above the Monthly, Weekly, and Daily clouds. Hence, there is a high possibility of the stock entering Wave 3.3.3 after small dip near 1150-1170 that will be our 3.3.2 subwave.
Entry and Exit Points:
Long-Term Perspective: The demand zone was a good area to buy the stock; however, we expect a retest of this zone, which can be a good opportunity for those who missed buying Axis Bank earlier.
> SIP Mode is best for long term.
Expected Target:
Once Axis Bank gives a breakout above the recent high, it is expected to hit the first target of Rs. 1529.
The next target could be Rs.1859 and even 2000+ possible in couple of years. These targets are derived based on the application of the Fibonacci extension and channels.
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