Axis Bank Outlook For SwingHello friends hope you all are doing well and trading well, so let's talk about the weekly chart of Axis Bank today which is not a trading idea but if you want to take a trade in it then maybe you can get some help from the view I am sharing.
So first of all I would like to tell you that in the last working day we saw a big fall in the share price due to the quarterly results presented by the company but if we talk about the technical setup here then as you can see that the price has almost come to the demand zone so in such a situation we can expect a bounce from here and for this we all should follow our respective time frames and our respective setups. I have also plotted Fibonacci retracement and 200 day moving average on this chart which is an important level supporting the support zone, both are free indicators provided by Tradingview you can use in your trades too.
If there is confirmation of bounce on any setup then we can keep a target of 10 to 15 percent for this bounce and can also set our stop loss accordingly. So I will share my trade active target and stop loss in the next update.
Best Regards- Amit.
