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Shares of Axis Bank Ltd fell as much as 1.7% to Rs 787.9, their lowest since May 27
The stock has broken below a support at Rs 803.48, the 7% Fibonacci retracement level on the uptrend from April 27, 2018 low to June 4, 2019 high.
Also, Axis Bank stock has broken below its 20-day exponential moving average
The Wave pattern suggests that the stock has completed a three-wave uptrend and a three-wave downtrend has started
The stock had cut below its parabolic SAR on Friday, which signals possible reversal of the uptrend
In the near term, the stock has support at Rs 777.15, the 14.6% retracement level
MACD had cut below the signal line on Friday, which is a bearish sign
Axis Bank stock was up 29.3% this year as of last close, compared with the broader NSE Index's 8.8% gains in the same period
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