Trade Idea of The Day - Axis Bank Ltd Target Rs.35- Religare Broking Ltd
Axis Bank Ltd
BUY 30 MAR 1350 CALL SELL 30 MAR 1400 CALL Axis Bank Ltd Entry Range 18 – 20 Target Range 35 Stop Loss 12
Rationale
* On the daily chart AXISBANK has taken solid support exactly at its key moving average of 50-DEMA after a healthy, short-term dip.
* The recent price action witnessed a strong reversal near its rising trendline , hinting that buyers are stepping right back in at lower price band and buy the dip remained intact.
* The 14-Day RSI has reset to a comfortable neutral zone near the 50 mark, giving the stock plenty of runway for a fresh upwards journey.
* On the weekly timeframe crucially, the MACD remains positive, confirming that the larger momentum is still firmly in the bulls' grip
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