Considering the bullish trend with the banking sectors , Axis Bank performance is much better when compared to its competitors . Currently Axis Bank almost made a 78% retracement from the ATH levels . Current pattern and ascending channel is formed . We might expect some pullback to the 860 levels once a breakdown is confirmed before an further upward movement . 900 levels acts as strong resistance zones . If one wants to take a long position make sure the ATH levels are broken . If you look at the weekly or monthly time frames the stock is already broken out of its structure .
Note :
Trade what you see not what you feel .
This is just view based on current market trend and pure analysis purpose .
Please consult with your financial advisor before you deploy any real money for trading .
Note :
Trade what you see not what you feel .
This is just view based on current market trend and pure analysis purpose .
Please consult with your financial advisor before you deploy any real money for trading .
Comment:
A follow up on this . The stock broke the ATH of 920 and gave a rally of 30 rs . Currently at the resistance level of 950 . Further upward break might be expected if it breaks 950 with a good amount of FII volume. Next resistance level if it breaks (960-965) levels then .