AXIS BANK LTDLong
Axis Bank at good levels for investment
Simple box breakout awaited. ( blue box )
Stock is consolidating since a year from Jan 21.
Axis bank is currently is the strongest of the large cap banks, Bank nifty index corrected around 7 % since the 12 Jan 22 compared to it Axis bank corrected 8.5%. Interesting par is Axis bank has reached the price as on 12 Jan 22 today compared to bank nifty which is still 1200 points away form the 12 Jan 22 levels.
To conclude Axis Bank is showing strength compared to index. Today Axis bank closed above 12 Jan 22 highs.
As soon as the price reached the lower level of ( blue box ) volumes jumped significantly and price moved in narrow range (Yellow box). This show market makers/big hands have entered the stock.
There is also a double bottom visible on lower time frames. Check Chart below.
Most importantly the stock is just below the life highs. Once it breaks out of the consolidation, it will be in the blue sky territory. This will be new high by the stocks after 3 years.
Overall can be a good bet for longterm form the current levels.
Stock is consolidating since a year from Jan 21.
Axis bank is currently is the strongest of the large cap banks, Bank nifty index corrected around 7 % since the 12 Jan 22 compared to it Axis bank corrected 8.5%. Interesting par is Axis bank has reached the price as on 12 Jan 22 today compared to bank nifty which is still 1200 points away form the 12 Jan 22 levels.
To conclude Axis Bank is showing strength compared to index. Today Axis bank closed above 12 Jan 22 highs.
As soon as the price reached the lower level of ( blue box ) volumes jumped significantly and price moved in narrow range (Yellow box). This show market makers/big hands have entered the stock.
There is also a double bottom visible on lower time frames. Check Chart below.
Most importantly the stock is just below the life highs. Once it breaks out of the consolidation, it will be in the blue sky territory. This will be new high by the stocks after 3 years.
Overall can be a good bet for longterm form the current levels.
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