AXISBANK trade ideas
AXIS BANK STRUCTURE BASED COUNTER TREND BUY OPPORTUNITYAXIS 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.
PRZ @703DISCLAIMER :
As a trader you should consider your own risk:reward ratio and do proper lot sizing according to your margin and leverage level.
Not every idea is a valid trade.
This analysis is a trading idea, not a trading signal for you.
My own trend direction estimation, entry point, stop loss and take profit levels are on the chart.
Good Lucks.
Daily Chart of Axis BankDaily Chart of Axis Bank:
On daily chart the stock is moving in tight range of 60-70 Rs. The stock is holding the support zone of 590-600 levels and facing stiff resistance around the zone of 660-670 levels since the month of November-2019. Break out on either side will decide the further trend in the stock.