Comments
The stock of Axis bank has been in an uptrend for the past one month. The price has moved above the 21-day moving average and the price action in the daily chart is forming higher highs and higher lows – a bullish indication. Thus, traders looking for short-term opportunities can buy the stock of Axis bank.
The stock fell sharply in the month of March from ₹700 and registered a fresh low of ₹286, before ending the month at ₹379. Since then, the price has been in an uptrend. It breached the critical resistance at ₹400 during the first week on the current month. After appreciating to ₹485.9, the price has softened to the current level of ₹437. The bullish bias is substantiated by the Moving Average Convergence Divergence (MACD) indicator in the daily chart, as it is in an upward trajectory. On the other hand, the Relative Strength Index (RSI), though below the midpoint level of 50, has been rising in tandem with the stock price – hinting that bulls are gaining traction. Until the price remains above ₹400, the stock will trade with bullish bias.
Hence, trader can buy the stock with stop-loss at ₹425 with potential targets at ₹450 and ₹470.
Supports: ₹425 and ₹415
Resistances: ₹450 and ₹470
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.