Mar 2, 2017

Chart Of The Day : AXIS BANK LTD Buy/Sell/Hold? Short - Mid Term View 2 March 2017 For Trading Positional Technical Analysis Recommendation

Stock : Axis Bank Ltd.

Recommendatino : Buy
View : Short to Mid Term
Strategy : Strong Buy with SL. Profit booking advised.
CMP : bse cash 513.30
The stock was depressed for a very long time.
Even pre-note ban period, when most private sector banks were surging, this stock underperformed on account of a couple of depressing news, uncertainties and hang over thereof.
The stock is not ripe for upsurge and ready to again visit its September 2016 high or 600 and then go beyond.
However, we advice to keep booking profits on the way up and buying on dips that come after surges.
The stock move will become swifter above close of 560.
RSI and MACD, as well as major moving averages picture is also looking favourable.
The stock movement has made a bullish bowl pattern from which 550-560 will be a huge break out point.
Even PSU banks now looking pretty positive from the kind of move they have shown, and Bank Nifty Index at new high and Nifty looking at touching life high, this stock has more positives than negatives and more upside relative to other PSU banks. We also like Kotak bank which is about to start its new bull market in new price range above its life high of around 835.

Intraday Chart is given for your reference.

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