Axisbank - Falling Wedge Breakout

Here's a falling wedge in the middle of an uptrend. Volume picks up on the breakout.
Price also taking support at the previous top. A classic case of Resistance becomes Support.

Long at 423 Stop at 400 Target 550.

Risk Reward 1:5

Using Covered Call.
Short Axis Bank 460 CE April @ 6.

Incase we hit Stop-loss in spot, Option will help in bringing down the cost of Stop-loss.
Remember we are in a counter-trend or rallies. So it's better to be cautious and should trail stop-loss once the position is in favor.
Trade active
Comment: Axis bank Cmp 445.

Axis April 460 CE short at 6 is now 0.

So Axis bank entry price is 423 and the stop is 400. ( 23 RS)

Risk getting lower to 17 rs. ( 23-6 )
Trade closed: stop reached:
Trade closed: stop reached: Axis Bank Stop-loss Hit.

Stop-loss always to be placed in systems. Any single tick below the stop-loss price is an SL hit.

There is no watching and waiting in Stops. If Axis closes around 401 and you don't exit assuming that it was on a closing basis, then it's very poor trading discipline.

Nothing is more dangerous than a closing basis Stop-loss.

A gap down tomorrow and your money and risk management are doomed.


We have axis bank quarterly announcement tomorrow. will that be the reason for the stock being at 420 levels?
+2 Reply
Equity-Earningz kumaransiva1412
@kumaransiva1412, yes sir, expecting a good result tomorrow.
+1 Reply