Axis Bank is one of the leading private sector bank in India its strong customer base and wide network of its branches covers all the major cities of India. We see this strong growth story of Axis bank will continue for long term taking advantage of this we are extremely bullish on AXISBANK stock, however for the short term we see stock to consolidate before a breakout in positive direction. So our advice for traders is to wait for bullish breakout above 1290 (on 2 days closing basis) for target of 1440 and then 1620. Also recommend to trade this stock with stop loss placed just below the 1170 level. Technical indicators are also in favor of the trade on daily chart. All the technical indicators we fallow are showing us the bullishness in this stock. If you compare bank nifty future and nifty future charts you will see nifty future is out performing in near term, we may see this to continue for some time more.
Note: Only a breakout above 1290 level should be treated as a bullish trigger to enter the long trade.
About Bhaveek PatelBhaveek Patel is technical analyst and investor, his areas of interest includes stock market, forex and gold.
I am expecting some more downside in Axis bank till 980 label , from there , some pullback should happen till 1040/50 and if 1060 will break then more upside should open, please suggest.
Hi Sunil, today axis bank stock went down to 968 in opening minutes, then recovered as market moved up. Good analysis.