The stock has broken its downward trend after a substantial time. Though it had not participated earlier in Bank Nifty rally, its poised to make a smart comeback to 490-95 zone. Even the RSI uptick is indicating the same.
At 464, price got rejected from a strong earlier supply point, and today's initial movement on the stock was weak, so the stock is expected to head lower going forward. First target 450, and subsequently 442.
The trade would get negated on a decisive 10min close above 460.
Technically Broke Ascending Triangle.
Fundamentally Since All Banks Gets Huge Money deposited This Quarter Results are going to be a Highly Profitable on Books so Long Results on 19th Jan.
Stoploss Trendline and Support line as it will retrace back.
Stoploss is on Daily Close basis so Check Spikes around Trendline Supportline carefully.
In daily chart Axis bank is showing momentum. RSI positive divergence shows strength. Since Axis bank is trending inside the channel, uptrend will get confirmed once it breaks the channel. Happy Trading! in.tradingview.com
Axis bank, Price in axis bank has been falling since 640 or levels and corrected almost 30% from its recent peak. prices may trade higher till 540-570 but only after trading and sustaining above 460 with immediate stop loss of 420.