Strengths:
1. Axis bank has breakout from the triangle kind of pattern on daily chart and break out from raising channel pattern on hourly chart
2. Increase in volume compared to last 3-4 days
3.Results on 28.10.2020.
4.Market outlook is positive
Threats:
1. 200 DEMA at 495 level which may act as resistance for tomorrow.
2. Todays move is not limited to axis bank but for total banking stocks.
My View for Axis bank is Buy@487-492 for target of 530 with SL at 476 RRR: 2.4
1. Axis bank has breakout from the triangle kind of pattern on daily chart and break out from raising channel pattern on hourly chart
2. Increase in volume compared to last 3-4 days
3.Results on 28.10.2020.
4.Market outlook is positive
Threats:
1. 200 DEMA at 495 level which may act as resistance for tomorrow.
2. Todays move is not limited to axis bank but for total banking stocks.
My View for Axis bank is Buy@487-492 for target of 530 with SL at 476 RRR: 2.4
Trade active:
Axis bank showing weakness on chart. Trail Stop loss to 504.75
Trade closed manually:
Trailing SL hit at 504.75. Closed with 2.5% return. Entry: 492 Exit: 504.75 original SL:476, Revised trailing SL: 504.75.