AXIS BANK
- AXIS BANK currently moving in a up channel formation this indicates as long as stock moving in its channel formation it will be favored by bulls, but if stock breaks its up channel on down side and comes out then sharp weakness is expecting in AXIS BANK.
- Technical also indicates that stock is moving up from 50 days moving average as shown in graph no2 , as long as stock holds above it will be favored by bulls once closes below stock will show first sign of weakness, Chart also indicates that on upper side stock will find strong trend line resistance around 409 its previous top, if stock closes and stays above 409 then bulls will get active for further up move for next few trading days.
- Intraday close watch once stock once Axis starts trading above 409 , if stock holds above 409 then intraday bulls action is expecting.
- Suggested Reading - MRF LTD on the verge of bullish breakout once closes abvove 24750.
- If stock moves up from current levels and closes above 409 then on upper side will find resistance around 415 its trend line and next resistance around 433 its 161.8% fibonacci retracement as shown in graph no3. Close watch.
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