Axis Bank at cmp of 487.7 appears to be a short to medium term buy. Axis bank's 61.8% retracement from 369 to 638 is 471.87. So if stock is still in bull grip this could be the best level to buy. The stock is also at lower bollinger band on daily and weekly charts. If stock manages to cross 489-495 zone it can easily go up to 512-519 in short term and mid-term targets here could be 550.
Although i am recommending Axis bank for short term but at cmp it can also be a long term buy. I will buy here for 2 trades. First for short term with stop loss of 468 for targets of 510-520-550. Second for long term for targets of ------------------- will tell later.
Disclosure: I am not a SEBI certified technical analyst. Further i do hold shares of Axis Bank in my personal and my family members portfolio.
Although i am recommending Axis bank for short term but at cmp it can also be a long term buy. I will buy here for 2 trades. First for short term with stop loss of 468 for targets of 510-520-550. Second for long term for targets of ------------------- will tell later.
Disclosure: I am not a SEBI certified technical analyst. Further i do hold shares of Axis Bank in my personal and my family members portfolio.
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