The upmove in Axis Bank seems to be gaining momentum. The stock surged about 6 per cent on Thursday. It has closed just below a key resistance level of ₹1,130. We see high chances for the stock to breach this resistance from here. Such a break will boost the bullish momentum. It will then clear the way for a strong rise towards ₹1,230 over the next few weeks. Support is at ₹1,085.
This can limit the downside if the resistance at ₹1,130 holds on its first test. Traders can go long now at ₹1,127. Accumulate on dips at ₹1,095. Keep the stop-loss initially at ₹1,060. Trail the stop-loss up to ₹1,160 as soon as the stock moves up to ₹1,185. Move the stop-loss further up to ₹1,195 when the price touches ₹1,210. Exit the stock at ₹1,220.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.