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We recommend a sell in Axis Bank at current price levels. From the weekly chart of Axis Bank, we note that it has been on a steady long-term up trend since June 2006 low of Rs 221.This uptrend accelerated from the low formed in August. and rallied to mark an all-time high of Rs 1,019 in early November. However, Axis Bank is currently in a short-term down trend and is hovering near the 21-day moving average. We notice a negative divergence in the daily momentum indicator and the weekly momentum indicator is correcting from the over-bought territory. The inference is that the stock can move lower in the near term. The immediate support for the stock is at Rs 775 and next is at Rs 650 level. Immediate resistance is at Rs 1,000. Short-term investors can sell the stock with stop-loss at Rs 1,000. We expect the stock to penetrate the 21-day moving average line and decline to the immediate target of Rs 775 in the short-term

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