1. taken a rejection from a triangle pattern
2. Bearish Engulfing on weekly chart
3. ADX is also down
4. Banking Sector facing some fundamental challenges (COVID & Credit)
Axis Bank is in downtrend and has broken its support level of 688. It has a gap between 677 and 681 which can be filled. If the downtrend continues short it below 677. Do not short if the market is +ve i.e do not trade in reverse.
Intraday Levels :
Buy above 689 ...targets -> 695 , 700 SL 685
Sell below 677 ...targets -> 671 , 665 SL 681
TIP : Wait for 10...
We can short Axisbank if the RSI Breaks the trend line for a target levels as mentioned in the chart. If the stock breaches the resistance, it will fly high. Always keep stoploss.
Share your valuable feedback.
Disclaimer : Do your own analysis before taking any trade. This view is for educational purposes only
History repeats..Currently Axis bank threat is NPA increased, Promoters reducing stake holding.
Currently in Major resistance zone. Nearly eight times rejected in same resistance zone.
AXISBANK looks good in weekly chart and Buy for medium to long term.
Very Important:
Always invest a small portion/size of the total capital in each stock according to your risk management.
Buy once Axis bank is near 700 for a target of 780-800.
