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Simple Trade Setup | 18-08-2021 | AXIS Bank NSE:AXISBANK Observations: 1) On Daily Time frame it had formed rounding bottom and breakout it. It was breakout on 9-08-2021. Since then it has been testing the breakout level of it. Which is placed at 754-755 range. And it has been taking support from the range and closing above it, since last 6 days. 2) On Daily Time Frame, it also took support from 50DMA today. Only one concern is that 21DMA is below 50DMA. Please refer Chart below: daily time frame. 3) Only one concern is that on 15min time frame, RSI has made higher high since Previous day closing to today's closing while Price made lower high. ------------------------ Trade Setup for Date 18-08-2021: 1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action. 2) Everything is mentioned on the chart. I hope it is easy to understand. 3) All the levels will work as support, resistance, entry and target w.r.t price action working near that level tomorrow. Hope I made it easy to understand it. Do comment your doubt or suggestion.
NSE:AXISBANK
by Trading_hawk
Axis BankAxis Bank (NSE cash) LTP: 694.70 Support: 693.80 Resistance: 700.45 Daily charts (long term) The candle has taken support on the 20 DEMA. There is a clear uptrend since 22nd April MACD is neutral because it is trading the bear zone but has green bars and there's a reversal as well. RSI too is trading above 50 which is a good sign. ***Bullish Hourly charts (medium term) the candles have taken support on the 20 DEMA here as well. RSI is making a bullish pattern called the rounded bottom. We can see a breakout once this pattern is completed. MACD is in a correction mode in the bull zone. ***Bullish 15m charts (short term) Bullish engulging pattern along with a confirmation candle can be seen. MACD has a bullish reversal. RSI is in an uptrend heading towards breaking the 50 mark. ***Buy for a short term target of 710 / 715
NSE:AXISBANKLong
by virralthakkaar
Axis BankAxis Bank (NSE Cash) Daily Charts (Medium to Long Term) The candles have broken the trendline on 16th March 21. RSI too broke the 50 level but I wouldn't panic as yet because the RSI is showing a reversal. This means that Axis Bank may have corrected itself but it isn't weak on daily charts. There has been a lot of selling as well so we might see a bounce back when the short positions are being squared off in this week. Hourly Charts (Medium to Short Term) A very strong support is seen at 708 levels and the resistance is at 754 and 764 levels. Keeping the daily chart study in mind, we may see a strong rally upwards. An hourly downtrend has been broken on Friday as well which increases my confidence that we might see a strong up-move soon. Also, there is a bull indicator in my RSI (divergence) which again is a good sign that this week may prove to be very good for Axis Bank.
NSE:AXISBANKLong
by virralthakkaar