(Short Term Cash)
November 16, 2016
Axis Bank (NSE Cash)
BUY
` 449
` 473 - 469
` 515
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 10:30 IST)
Justification:
Post registering high around `638 in September, this stock has corrected significantly in last two months. The
corrective move was clearly a five wave ‘Impulsive’ down move and prices seem to have completed ‘wave v’
around recent low. Since we are anticipating completion of ‘wave v’, prices should now retrace the recent
correction in form of a-b-c corrective upmove. Prices have also retraced 61.8% of the previous upmove from
`363 to `638. Thus, going ahead, we expect a decent pullback rally in the stock. Traders are advised to buy
this stock at current levels and on a decline up to `469 for a target of `515 in coming 14-21 sessions.
The stop loss for this trade set up can be kept at `449.
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November 16, 2016
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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