very very very very early to say that but, That's way it is.
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Axis Bank very likely to Touch that Upper Trendline of Contracting Triangle. Around 615-620
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4 % up. 588
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High Made 597.
Looks Like Axis can be a very good opportunity for buying on Dips. Final Target is 900.
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AXISBANK TOUCHED THAT UPPER TL @ 615-620
Now we may have one last leg down in wave 4. & then Road 900 is very Clear in wave 5.
:)
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Is this the same down leg .. that i am waiting for ?? ;)
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Bad Loans were already a major concern for banking sector and now multi-crore frauds. It seems that banking sector will be under tremendous pressure going ahead. Further tightening in RBI Regulation could lead more NPA recognition therefore banks would require higher provisioning again. Worst seems not getting over for banking sector since last 12 to 18 Months.
But the show must go on.......
we have contrarian view particularly on Axis bank. Axis banks has also been hit by bad loans and higher provisioning. However it seems that worst is over for axis bank last few quarters were bad and it seems price has already discounted that concerns.
Axis Bank was the only private sector bank which underperformed in a previous bull run. It has yet to surpass its March 2015 Highs.