AXIS BANK is one of the strongest private sector banking. If you ask me to prefer private sector banks for investment, I will prefer Axis Bank first. Axis bank is in Bullish trend for almost a year. Stock seems to be into sideways for almost 2 months trading in the range as ITC did in the early of 2013.
Stock is in correction phase for 13 days.Stock seems to be found support at Ichimoku cloud. However the Tenkan Line (9 conversion) line crossed over Kijun Line from above which is bearish sign for the stock, the Chikou Span which is simbal for strength of sentiment is still in Cloud area. Stock may see a small bounce from here till its 34 EMA ( approximately 1440). Go long on the stock with SL at 1360.
One can also initiate shorts at around 34 EMA as market trend and stock trend seems to be down.
If breaches this support of cloud, stock may see long term upward channel bottom at 1267 - 1280 where stock is really good to go long on.
Axis Bank is acting as we analyzed and predicted. Stock closed below 200 DEMA which more weak for the stock. Stock may test the levels of 1280 where buying may come in.RBI charging penalty for not satisfying KYC norms also made stock more weaker and closed below 200 DEMA.
ReplyDeleteStock could not find buying pressure as we expected at 1280 levels. Lets 1221 to 1127 levels will give support for the stock tomorrow.
ReplyDelete