So far so good we have analysed the chart of Axis bank to arrive at the tactics to be adopted while trading Axis bank as it can move both ways but above certain levels. Have a look at below screenshot which will show that Axis bank is now bearish below 1350 level and any new buying in this bank should be undertaken only once the stock moves above this level with volumes as till then Axis bank likely to oscillate between 1200-1350 levels.
As we can see that Axis bank gave a breakout above the inverted head and shoulder pattern above the level of 1133 and for the time being the short term movement appears to be limited and any break of 1300 level is a clear indication that now for the time being stock will remain in the bear grip till the time the bulls do not regain their control by taking the stock above 1350 mark with volumes. Above 1350 level, stock can move to 1500-1650 level and below 1300 stock can test 1200,1120 and below levels.
Presently we have gone bearish on the stock below 1300 levels as Volume tops and volume bottoms correspond badly with tops and bottoms in the price. This weakens the stock and unless it rebounds above 1300-1350 level we see bears in control of the stock. Please note that if stock sustain above 1250 level, we see short term rally to 1300-1350 level.
Our clients have been advised to short Axis bank below 1300 level and to go long above 1350 level and if you want to make profit; then do not forget to use hot stock of the day and make money like professionals. All those with a penchant for holding stocks can benefit by using our short term holding tips and make money like Rakesh Jhunjhunwala. Last but not least sharing is caring and if you can share this post through your favourite social media; it will be great as each stock technical analysis takes a considerable time.