Axis Bank- Letter got leaked about MD &CEO Resignation-502 Hit

AbhishekHSinghCMT Updated   
News appearing in section of social media stating impending resignation of MD & CEO of bank, is false, speculative Source text: bit.ly/2nQoJI8

Amazing the letter got leaked - you must be thinking, but no let me tell you it was an impulsive move starting from 525 highs & I traded wave-iv -sharp jump above 490 for 502.

Bang On Target as expected in last night update@19:35 Hrs in the below post - click the charts Axis jumped even in the falling markets this morning clearing the myth that all of them never throw their towel together & run away -some take time to realize.

Trading Strategy

Best Scenario- Selling in the zone 500-505 with recent day high as stop from previous update.
Risky Traders could have sold near to 500-502 once it started falling.

Current Scenario- Look for a short term bounce close to 502 high & starts falling below current low which could be 4943.25 or less as the confirmation for selling -if it bounces.

Trade closed: target reached:
17:52 23rd March2017

Last Price@487

Day low@483

Good Evening Guys - Selling from 500-502 made a low of 483 - a low below previous low zone 486-489 has satisfied what was expected.
Trade closed: target reached:
12:31 Hrs 28th March2017

Bounce@502- Exact

Target achieved at 502 - bounce as I got the leaked letter in hand before market - Just Kidding Guys!

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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