NeeteshJain

Axisbank - Can come down to 536 before A Bouncing Back

Short
BSE:AXISBANK   AXIS BANK LTD
The price action shall come further down to 536 levels which is a 38.2 percent retracement level where a bounce in price action may be seen. If it does not retrace back at 38.2 levels then .50 levels can be seen at 500 price levels due to strong selling pressure.

Key Takeaways:

1. Price action breaks out from the upward trendline, indicates change in trend.

2. Long Redcandlestick indicates strong selling and dominance of sellers.

3. Shall provide good opportunity to sell once retrace back to 575-600 levels.

Trade closed: target reached: Target 1 achieved, book partial gains.