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Axis Bank has completed a clean 5 waves down and was among the few stocks that did not close in the red today despite the Nifty going down by 100 points. Feel that a corrective bounce is due now in the range of 508-533. Any comments
Comment:
Still looking good with a positive close in a bearish market
Trade active:
The upward move still holds good for now...
Trade closed: target reached:
1st Target for rebound was reached and trade closed manually at 510.
Comments
@anupminj7, With the Nifty having taken out a crucial support at 8000 today, the market seems to be inclined to move downwards. As Axisbank was moving downwards too in an impulse it has completed its correction and may join the down trend towards 420 and can go as far as 360 if the Nifty also moves down deeper.
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Thanks InsiderB - more of a bear correction :-) ... if it does turn around, the move would be consistent with a reversal in the Nifty. Bulls are also welcome as I hold this stock for long term too !!!
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We will retest the lows once again, so that will emerge as decider whether it breaks recent lows or moves up ! Yeah, Shan I'm also looking to acquire Axis for longterm bcos I hope Axis will be around 800's by Apr'17 ( Pure Guesstimation )
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@InsiderB, must say it did retest the lows. Should move back up above 500 soon.
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