December 11, 2015
Axis Bank (NSE Cash)
SELL
` 457
` 444 - 447
` 422
5 - 10 sessions
434
422
452
457
Bearish
Source: Falcon (Time - 11:26 IST)
The stock is forming ‘Lower Top Lower Bottom’ since last few weeks and is thus in a medium term
downtrend.
During last month, prices had formed a ‘Double Bottom’ pattern and retraced higher. However, the
upmove was just a pullback rally and prices have breached the support levels, thus indicating
continuation of the downtrend.
On daily charts, the ‘RSI’ indicator is showing negative momentum.
Thus, we advise traders to sell this stock from current level and on bounce up to ` 447 for a
target of ` 422 in coming 5 to 10 trading sessions. The stop loss for this trade set up can be
kept at ` 457.
December 11, 2015
Axis Bank (NSE Cash)
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