AXISBANK
Axis Bank | Anatomy of fallAxis Bank was trading in a rising trend channel. The stock moved within the channel and got rejected within the similar range at around 820 forming a double top.
The stock first broke through the rising trend channel support at around 770 and followed it up with a retracement to the support line. The stock then broke below the double top neckline at 760. The breakdown was followed with a retracement back to the neckline.The target for double top is about 700.
The stock in its downtrend formed a bearish flag which was confirmed with the breakdown below 735.
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AXISBANK - Will the LongTerm trendline survive this correction?Stock has been following the green line but the bull market seems to have topped at 650 - 680 band. A strong closing above the Red line may take the stock to 840 980 levels.
A consecutive weekly closing below the green line may trigger a huge correction which is not very far off.
Will the stock respect the trend this time? Only time will tell...until then lets wait and see
Axis Bank Daily ChartAxis Bank trendline breakout can set the momentum for this expiry. 600 is acting as a great support as per OI data.
#banknifty levels and views for october#BANKNIFTY for me risk reward i see good on long side , thus its better for me to go long with stop below 24800.
