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.
