January 29, 2016
Axis Bank (NSE Cash)
` 373
` 396 - 392
` 440
14 - 21 sessions
Weekly Chart
Source: Falcon (Time: IST 09:30)
Similar to its peer counters, this stock too underperformed significantly in last 10 months. The volatile action
on the stock in last couple of weeks had led to formation of a ‘Bullish Engulfing’ pattern on weekly charts and
a ‘Morning Star’ pattern’ on daily charts. Both the mentioned patterns are trend reversal patterns and hence
prices pulled back higher post formation of the pattern. In last four trading sessions, the stock has corrected
and retraced almost 61.8% of the recent upmove. We believe this correction is an opportunity to form long
positions in the stock for an upmove upto `440. Hence, we advise traders to buy this stock at current
levels and on declines upto ` 392 for a target of ` 440 in coming 14 to 21 trading sessions. The stop
loss for this trade set up can be kept at ` 373.
January 29, 2016
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Source: Angel research
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