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Axisbankanalysis

Axis bank looking bearish on higher time frame. Axis bank has been trading around the higher level and is forming a base near 1030 zone. Both side movement can be there in the stock and confirmation is need for the entry to trigger. But the stock on the weekly chart is showing some bearish RSI divergence and the dropping strength can be the initial signal of a bearish move. On the daily charts, it is around the 200 ema. Either it will breach the levels or take support from the same. Watch for the levels and price action. If the stock starts trading below the 1028 level and even close below it, next month expiry derivatives can be traded for the bearish momentum in the stock. Major bearish target levels :- 980, 950. Entry :- Close below 1028 levels. Positional/ swing trade can be initiated in the stock for the next month expiry and trailing SL must be kept to limit the lose and capture the move. Wait for the price action near the level before entering the trade.
NSE:AXISBANK
by Mambotrade
AXIS BANK: Three Black CrowsStock has witnessed selling pressure from the previous swing resistance on the daily chart and formed a Bearish reversal candlestick pattern which is know as Three Black Crows. Prices have also broken the rising trend line established from Jun'22 low of INR 618.25 which suggest that prices may face more weakness in the coming days.Hence any retracement from the current level should be taken as selling opportunity for the downside objective of 700 zone which is fibonacci 61.8% retracement level of the previous rally. In the Three Black Crows Candlestick Pattern, all the three candles have bearish close consecutively. Each candle opens and closes progressively lower than the first. Each candlestick should have big real bodies and very small or no shadow. Trading strategy: Sell on rise near 760-770 keeping SL of 794 and look for the target of 720/694
NSE:AXISBANKShort
by TradingSutra