500 is the key level for the bank in current scenario. In earlier instance 500 first acted as resistance & later it acted as support. Now, bank is again close to this key level of 500- trying to challenge the mark once goes below 500 then likely it can head close to lower zone of 475-480 in coming days from where a short rally started last time.
Polarity Level The level which plays dual role of resistance & support or vice-versa.
Trade active
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11:37 Hrs 2st March2017
Last Price@489
Awesome - Axis Bank cracks down below 500 as expected- Half way through - half is left.
Trade active
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15:09 Hrs 21st March2017
Last price@489
Day Low@486
We will book profit here & shall wait for tomorrow's market to see next action.
Trade active
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19:35 Hrs 21st March2017
Last Price@489
There was an opening gap & global markets are positive as if now. If we get positive clues from global markets in overnight session likely Axis bank can attempt to fill the gap close to 500 which was evident today. In tomorrow's session if it holds above 487-490 then push can be expected to 498-502 zone next or next fall starts below 486 lows as of 21st March2017. We booked profits from selling below 500 to 489 as prices were rejected from 486-489 zone & was not allowed to go further down.
Trade closed: target reached
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12:31 Hrs 28th March2017
Magical Polarity Level@500 - revealing its magic
Enjoy!
Comments
akj91
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Superb Analysis Abhishek Kudos...
What if Axis moves up beyond 506 then what target to look for
dhirajfanish
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Superb trade
Manish_Kumar1
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The call was fantastic shorted at 500 covered at 485....Superb !!
WaveTalks
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@manish Kumar, I guess -latest update -"letter leaked gave selling opportunity between 500-502" post the bounce above 490 to 500-502
Niks99
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Superb analysis as always... Hats off Abhishek sir... U rock...
What if Axis moves up beyond 506 then what target to look for