AbhishekHSinghCMT

Axisbank- Sideways in Triangle

NSE:AXISBANK   AXIS BANK
211 6 5
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.

snapshot
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
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India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Abhishek vvv good analysis axis bank downside tgt what will be if it goes 535-540 zone




Reply
Likely the zone 480-490 shall be the target zone.
Reply
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?
Reply
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.
Reply
nirav5 AbhishekHSinghCMT
Thanks man. will keep a note.
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