AXIS BANK LTDLong
AXIS BANK STRUCTURE BASED COUNTER TREND BUY OPPORTUNITY
AXIS BANK STOCK IS TRADING IN DOWN TREND MAKING LOWER LOW LOWER HIGHS. AFTER MAKING IT'S LIFE TIME HIGH, STOCK TOOK LAST SUPPORT AROUND INR 760 LEVEL WHICH BECOMES RESISTANCE ONCE BROKEN TO DOWNSIDE ON 15-JULY-2019. THAT LEVEL OF INR 760 BECOMES STRONG RESISTANCE, WHICH STOCK TESTED SEVERAL TIME BETWEEN NOV-2019 TO FEBRUARY-2020.
NOW STOCK IS TRADING NEAR INR 625 LEVEL WHICH IS PAST SUPPORT MARKED BY GREEN BOX. WE CAN LOOK FOR COUNTER TREND BUY OPPORTUNITY IN LOWER TIME FRAME TO GO LONG WITH THE TARGET OF INR 695 TO INR 708 (RETEST OF PAST SUPPORT BROKEN ON 02-MARCH-2020). STOP LOSS SHOULD BE INR 10 BELOW LAST STRUCTURE HELD IN LOWER TIME FRAME.
NOW STOCK IS TRADING NEAR INR 625 LEVEL WHICH IS PAST SUPPORT MARKED BY GREEN BOX. WE CAN LOOK FOR COUNTER TREND BUY OPPORTUNITY IN LOWER TIME FRAME TO GO LONG WITH THE TARGET OF INR 695 TO INR 708 (RETEST OF PAST SUPPORT BROKEN ON 02-MARCH-2020). STOP LOSS SHOULD BE INR 10 BELOW LAST STRUCTURE HELD IN LOWER TIME FRAME.
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