AXIS BANK IS SHOOTING UP FROM LAST 10 DAYS AND ITS OVERBOUGHT. ITS RSI IS ALSO GETING WEAKER. FRESH BUY CAN TAKE PLACE ONLY WHEN THIS STOCK CORRECTS. 614 IS A MAJOR RESISTANCE OF AXIS BANK.
P.S - THIS ANALYSIS IS ONLY FOR EDUCATION PURPOSE ONLY.
446-447 levels seems very important levels.
Stock has broken this level, But tomorrow if it opens below the level then we can look for short opportunities.
However if not we can look for the long opportunities in Axisbank.
This is the chart of BANKNIFTY nearing a resistance zone. If BANKNIFTY goes above resistance of 21950 , a major move to the next resistance can be kept as target at 23150 .
Another important point to be noted is a lot of bank stocks are NR7 candidate indicating a power move in the next trading day.
Keep Bank Stocks in your Watchlist for Monday 10 Aug...
Axis bank has been in a downtrend for 3 weeks mainly due to the RESULTS it announced on 21 July.
The level it is now had been tested multiple times. So it can be expected to MOVE UPWARDS .
But keep in mind the possibilty it has to further move down . So please wait and watch till it indicates a clear up trend.
An important point to look is bank nifty....
As per Technical Analysis, Axis Bank in One Day Chart Pattern has made an ascending triangular pattern and on 22/07/2020 has a breakout above the upper trend line. Projecting a Target of 580 in next 30-35 days.
From the last few trading sessions it is observed that AXISBANK was trading in a range and forming triangle pattern between the resistance and support levels.
Green trend line is acting as a strong resistance shown by green dots and one could enter long if that trend line is breached and axisbank moves above 441.
Similarly, lower red trend line is acting as a...