Trade Idea of The Day - Axis Bank Ltd Target Rs.45 - Religare Broking Ltd
Axis Bank Ltd
BUY 27 OCT 1200 PUT Entry Range 16 – 20 Target 45 Stop Loss 10
Rationale
• On the daily chart, AXISBANK exhibits continued bearish momentum with sustained trading below its short-term moving averages, which are also sloping downward and acting as persistent dynamic resistance. The stock recently broke below its short-term support zone around 1,225-1,230 and is making a lower-bottom pattern from its last swing high.
• Momentum indicators validate the weakness, as the 14-Day RSI is hovering near the 40 mark (neutral-to-weaker territory) without showing divergence. Meanwhile, the MACD trades with a bearish crossover, confirming sustained downside momentum.
• A recent shadow sweep down to 1,175 highlights underlying selling pressure. Unless the stock reclaims the 1,250 hurdle with strong trading volume, the trend favors sellers, with potential retests of the 1,170-1,150 support zone ahead.
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SEBI Registration number is INZ00017433
