|Buy Range||650 – 670|
|Target||710 – 730|
|Duration||12 – 15 Trading Sessions|
|Potential Return^||6 – 9%|
|CMP#||Idea||Buy Range||Target||StopLoss*||Duration||Potential Return^|
|670.1||BUY||650 – 670||710 – 730||635||15 – 20 Trading Sessions||6 – 9%|
# CMP on Jan 09, 2019
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 690.
^ The returns are calculated based on CMP#
Promoted by the largest financial institution of the country, Axis Bank has begun operations in 1994. This is a full service bank provides corporate and retail banking products in India and internationally. For the quarter ended 30-09-2018, the company has reported Net profit after tax of Rs 789.61 Crore, up 82.62% from the last year same quarter sales of Rs 432.38 crore.
|Sectoral Index||NIFTY BANK|
TECHNICAL OBSERVATIONS (WEEKLY)
- The stock price has been moving in a larger sideways range in the last three years and indicating a distribution type of formation at the higher levels.
- Recently, the stock has given breakout from ascending triangle pattern with incremental volumes.
TECHNICAL OBSERVATIONS (DAILY)
- The stock is forming Three White Soldiers which is a bullish continuation pattern.
- Last three days stock is trading above the 15 days MA and recent closing above the Upper Bollinger Band showing the confidence of my view.