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Published on 9/07/2020 1:57:44 PM | Source: ICICI Direct

Axis Bank Breakout from three month`s triangular consolidation pattern by ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Axis Bank Ltd #Banking Sector #Trading Report #ICICI Direct

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Axis Bank (AXIBAN): Breakout from three month’s triangular consolidation pattern signifies structural turnaround…

* The share price logged a resolute breakout from the last three month’s triangular consolidation pattern, indicating conclusion of corrective trend. This augurs well for structural turnaround. Hence, this offers a fresh entry opportunity

* Over the past three month’s consolidation phase, the stock has seen strong volume of more than double the 50 week’s average volume of 9 crore share per week highlighting accumulation and larger participation at support area

* The stock has already taken 12 weeks to retrace less then 80% of the preceding four weeks up move (Rs. 286-486). A slower retracement signals a higher base formation

* The weekly MACD has recently generated a buy signal moving above its nine periods average, thus validating positive bias in the stock

* Based on the above technical observations, we expect the stock to resume its up move and head towards | 508 levels in coming months. This is the confluence of the previous major breakdown area and 50% retracement of the February– March decline (Rs. 760-286) around Rs. 520

Axis Bank Ltd Rec. Price @ 435.00-449.00 Target 508.00 Stop loss 410.00

 

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