axis bank buy ideathis is a monthly chart and december month is just about to start. It can be seen that stock is available at a long term support line. weekly atr is 43 points out of which 7 point is already minus. More 36 points will bring this stock to 619. Around 625-630 a strong will be obtained. But right now further downside will be less possible as we can see a long term trendline support right here. so my view is a buying can be initiated here with stoploss of 740 and target should be 700 which is making it a 1:3 risk reward ratio.
For those who are either trapped up or are interested to invest for a long time it is a good time to add in portfolio.
AXISBANK trade ideas
AXSB IN EQUITYSpotted two great buy opportunities
(i) Buy opportunity @~INR705 - the likelihood is derived from the intersection point from two mid-term tunnels which were formed in early 2016 and early 2020, respectively. Why isn't it a ~80-90% likelihood? Because the channel's slope (the one formed in early 2020) is too steep - which is in general not in my favor. Having said that, the power of intersection point should override the skepticism around the steepness of the channel
(ii) Buy opportunity @~INR543 (~30%) - no details
Axis Bank maybe still in corrective wave 2This Whole move is contained in one channel making me think
that it may be in correction of Wave 2 only and Flat formation fits well
Expecting it to reach around the middle correction channel line of
around 600-625 range for the buying zone
* will wait for the price action there for a perfect Buy
*Trade only when all odds are in favour.
Axis Bank Buy Opportunity _H&S Pattern_Hourly CandleAfter Touching Low of 754 Axis Bank showed a very good recovery and Stock is trading at its resistance level.
H&S patten is formed on hourly chart closing above 821 will confirm brekout and one can expect a target of 880 in coming days.
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