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The stock of Axis Bank jumped 7.4 per cent, accompanied by extraordinary volume on Wednesday, decisively breaking above a key resistance band between ₹440 and ₹460. This rally provides investors an opportunity to buy the stock at current levels.
In late March, the stock had taken support at ₹285 following a sharp fall. Since then, the stock has been in a medium-term uptrend. Moreover, the short-term trend is also up. While trending up, the stock had decisively breached its 21- and 50-day moving averages and trades well above them.
The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is moving higher in the neutral region. Further, the daily as well as the weekly price rate of change indicators are featuring in the positive terrain, implying buying interest.
The short-term outlook is bullish for the stock. It has potential to trend upwards extending the uptrend and reach the price targets of ₹500 and ₹510 in the ensuing trading sessions. Traders with a short-term view can buy the stock with a stop-loss at ₹467 levels. (Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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