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.

Regards,
Abhishek H. Singh, CMT

Earlier Reports

Close below 540 can trouble

Trade active:

09:50 Hrs 24th Oct2016

Trading@522

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.