OUR RECOMMENDATION
| CMP# | 670.1 |
| Idea | BUY |
| Buy Range | 650 – 670 |
| Target | 710 – 730 |
| StopLoss* | 635 |
| 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#
COMPANY OVERVIEW
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.
| Stock Data | |
| NSE Code | AXISBANK |
| Sectoral Index | NIFTY BANK |
| 52W High | 677.95 |
| 52W Low | 539.2 |
| Face Value | 2 |
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.
