Axis Bank

Axis Bank has formed a double top on daily charts. It is breaking its important daily and weekly support of 540. Technical targets for this could be around 454. The stock is having good support around 464 so a slide up to that level could be expected.

Meanwhile banknifty is now again below 18280 the neckline of double top pattern which i discussed earlier post bank nifty double top.

If bank nifty is going towards 16000 then where could nifty go in coming days. The nifty has also broke down from an upward rising channel in which it was moving from last many months. The largest leg of nifty move in this channel was around 673 points from 9119 to 8427. So break below this gives  a technical  targets of around 7700. Meanwhile has very good support around 7950-8050 levels.

Daily charts of nifty also shows formation of a head and shoulder pattern which is shown in charts below. The technical targets of this also comes in this range of 7700.

Disclosures: I am not an expert of Technical Analysis i am just learning that and i am sharing my learning experience with others not advising anyone to go short/long in any of the stock or index. So please consult your financial adviser before any financial action