Axis bank is buzzing around the news of takeover of retail business of Citi Bank. The stock has finally getting momentum from last 2 weeks indicating a test around its resistance of around 815 to 820. once it starts sustaining above that a target of around 1000 is opened. the target is arrived by testing the previous lows around 600 - 650 range. So, a gap of around 150 to 175 points on the downside from the resistance, can see upside of around 150 - 175 points on the upside of the resistance which is a peculiarity of an Inverse Head and shoulder pattern. Moreover, from a fundamental point of view, the stock is seen outperforming various peers among its side. Target mentioned are for long term horizon of around 8-10 months.
DISCLAIMER - I AM NOT AN FINANCIAL ADVISOR, ITS JUST A VIEW AND NOT AN ADVISE.
DISCLAIMER - I AM NOT AN FINANCIAL ADVISOR, ITS JUST A VIEW AND NOT AN ADVISE.