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The uptrend in the stock of Axis Bank that has been in place since March is gaining momentum. The stock rose 3 per cent on Thursday breaking through an important resistance at around ₹511 where the 50 per cent Fibonacci retracement level is positioned. It has also broken the ₹477-507 sideways range in which the stock was trading for more than two weeks. Strong support is seen in ₹512-507 range. This support zone can limit the downside.
A rise to ₹535 looks likely in the near term. A strong break above it can take Axis Bank further higher to ₹545 – the 61.8 per cent Fibonacci retracement resistance level. Traders with a short-term perspective can go long. Stop-loss can be placed at ₹506 for a target of ₹540. Accumulate longs on dips to ₹512 and ₹510. Revise the stop-loss higher to ₹523 as the stock moves up to ₹530.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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