Stock Picks - Buy Axis Bank Ltd For Target Rs. 865 - ICICI Direct
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Technical Observations
* The Bank Nifty has recently generated a breakout above the last three weeks range of 38300- 36500 and in the process scaled to a fresh all time high signalling strength and continuation of the up move. One of the preferred pick in the private banking space is Axis Bank which we expect to outperform
* The stock has witnessed a change of polarity as previous trend line resistance has reversed its role and acting as support which also confluence with the 100 days EMA (currently at | 755) as can be seen in the adjacent chart. Buying demand has emerged from the support area thus offers fresh entry opportunity
* We expect the stock to head towards | 865 levels in the coming weeks as it is the 161.8% external retracement of the recent breather (| 820-754)
* The stock has already taken 32 sessions to retrace just 80% of its preceding five sessions up move (|732-820), a shallow retracement signals a higher base formation and robust price structure
Buy Axis Bank Limited @ 790.00-803.00 TGT 865 SL 754
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