Axis Bank (NSE Cash)
Daily Charts (Medium to Long Term)
The candles have broken the trendline on 16th March 21.
RSI too broke the 50 level but I wouldn't panic as yet because the RSI is showing a reversal. This means that Axis Bank may have corrected itself but it isn't weak on daily charts.
There has been a lot of selling as well so we might see a bounce back when the short positions are being squared off in this week.
Hourly Charts (Medium to Short Term)
A very strong support is seen at 708 levels and the resistance is at 754 and 764 levels. Keeping the daily chart study in mind, we may see a strong rally upwards.
An hourly downtrend has been broken on Friday as well which increases my confidence that we might see a strong up-move soon.
Also, there is a bull indicator in my RSI (divergence) which again is a good sign that this week may prove to be very good for Axis Bank.
Daily Charts (Medium to Long Term)
The candles have broken the trendline on 16th March 21.
RSI too broke the 50 level but I wouldn't panic as yet because the RSI is showing a reversal. This means that Axis Bank may have corrected itself but it isn't weak on daily charts.
There has been a lot of selling as well so we might see a bounce back when the short positions are being squared off in this week.
Hourly Charts (Medium to Short Term)
A very strong support is seen at 708 levels and the resistance is at 754 and 764 levels. Keeping the daily chart study in mind, we may see a strong rally upwards.
An hourly downtrend has been broken on Friday as well which increases my confidence that we might see a strong up-move soon.
Also, there is a bull indicator in my RSI (divergence) which again is a good sign that this week may prove to be very good for Axis Bank.