Axis Bank, one of the largest players in the private banking space had come under heavy selling pressure during the recent downfall in Indian Stock Markets. The stock had come down from its life high of 827 in 2019 June to below 300 in March 2020. From the March lows, the stock recovered
almost to 486 levels where it witnessed selling pressure taking it to 384 levels. Ever since the stock has been consolidating with a mild upward bias. With the massive economic reform package announced by the Government, the stock witnessed good up move today. The immediate supply zone
for the stock for the May series expiry seems to be in 432-443 levels, which is structurally important for the recent consolidation. A break above those levels on a closing basis in the daily chart
can take the stock price higher and may test the recent high made. On the downside 393-388 can be a demand zone
. A break below the demand zone
can exert downward pressure on prices.
The first version of this analysis appeared in the educational blog of Center for Research in Asset Markets and Economy (CRAME), Christ (Deemed to be University) Lavasa
The content provided in CRAME blog is for educational purposes only. CRAME or the analyst(s) do(es) not assume any responsibility for the financial decisions/actions made on the basis of the analysis presented in the blog.
Prof. Binu P Paul PhD
Prof. Soumya V ACSI