Axis bank has rallied more than 100 percent from its lows in 2020. However the chart structure suggests that the counter can witness significant up move from the current levels. In the weekly time frame one can see the formation of an Inverted Head and Shoulders
. The shoulders are placed in the zone 770- 800 and once that level is taken out convincingly, the stock could test its life high placed near 830 and can move towards 1260/1340 levels. In case of any correction, the downside support in the current formation is placed near 660-600 levels. Overall the counter looks bullish
and those with longer holding periods can benefit significantly from the current levels.
Key hurdle for the current formation - 800
Important Support levels for the current formation - 600-660
Targets if the formation is realized - 1260/1340
S.V and B.P
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