AxisBank Explained - 8th Sept 2018

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Why AxisBank ?
Call premium for CE660 in the market has gone as high as 2.5% . I expect some drama !
(Source NSE website)

Why are all mad about AxisBank and looking a topside of 660 , which also happens to be recent high?
Probably they are looking at Cup and handle structure in 1D chart. Cup and handle is good idea.
another possibility could be that AXIS has started new services and this has resulted in rising expectation on prices.

Am i Bear
Yes , I am bear for my baby. But i am also bear for AxisBank . Why ?
- Sensex all time high
- People are bearish on sensex
- AxisBank already reached at alltime high of 667 and New Services News hangover is complete

Levels Please !
CMP : 645.55
Alltime high 667
Next Lower Level : 616/614
other levels from the graph : 635 and 654

- No gap ups and downs please, I hate them
- 654 level from graph is also 0.23 of high 667, so it becomes important resistance
- if it crosses 654 go long , if it goes upto 654 and comes down, short at 643 (it's 50% of high 667 level)
- if it goes down from CMP , short it below 635 or when price is below 20 period Simple moving average .

Sep 10
Trade closed manually: Short at 654 target 645 achieved
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