Axisbank- Sideways in Triangle

Likely Axis Bank too is giving an impression of a triangle in current wave sequence. Let us see whether Axis Bank gets support above 513-which is key level & recent swing low.

Trading Strategy 1

513 -key level as short term support - we could see a bounce in the zone 530-535 zone.

Trading Strategy 2

Once it goes close to 535-540's zone - Keeping 545 as key resistance level- we want to be in the bearish camp.

Abhishek H. Singh, CMT

Earlier Reports

Close below 540 can trouble
Trade active: 09:50 Hrs 24th Oct2016


Session Low@518

Small fall as expected looks like done so let us see whether we get the bounce as expected earlier.
Trade active: 08:57 Hrs 25th Oct2016

There is small mini top@526 - Going Above that it is likely to move up & we shall target 535-540 zone but not above 545 mark.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle


Abhishek vvv good analysis axis bank downside tgt what will be if it goes 535-540 zone

Likely the zone 480-490 shall be the target zone.
Wow Interesting!! Thanks Abhishek.
I have one question, in the weekly chart 5 th wave made a high near 640 so can we say it was a truncated wave?
Yaa-It likely looks truncated -which is very tough to guess -in real world -people guess this, but by the time they do so -market has already finished its game. As the fall from 640's is impulsive- gives me 50% clue that we could have a truncated 5th wave & waiting for another 50% by the kind of pullback we get- once Axis takes support in the zone 480-490.
nirav5 AbhishekHSinghCMT
Thanks man. will keep a note.
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