Pullback upto 700-708 is expected before resumption of downtrend

AXIS BANK: After the trendline breakout in July the stock has given a good downward movement & has clearly taken a support around 61.80% Fibo Retracement. I expect this pullback to continue this week & the stock will try to fill the gap. Thus, a pullback upto 700 – 708 range can be expected. But in my view this might be a Dead Cat Bounce (DCB) & soon we might see the downtrend to continue with the stock seeing new lows in coming months. In long term we might see this downward rally to continue upto 598, 535, 500 & eventually upto 480.


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