Axis
Bank Ltd on a daily chart price is making higher high and higher low pattern
also stock price was trading below 20 DMA from last 3 months, yesterday price
has breached the level, and closed above the same. Technically on chart stock
price at Rs. 466.55 has given the breakout of the downward sloping trend line
with sharp increase in volumes, indicate rally will continue for the multi
month towards Rs. 554 level.
If one were to go by the
volume data, a higher upswing is seen on the stock price. Trader or investor
can accumulate at Rs. 466 for the target of Rs. 512/554 levels, with Rs. 442
stop loss on closing basis.
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