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Axis Bank Technical Analysis #14: Buy | Target Rs 710 | Arijit Banerjee

OUR RECOMMENDATION

CMP#670.1
IdeaBUY
Buy Range650 – 670
Target710 – 730
StopLoss*635
Duration12 – 15 Trading Sessions
Potential Return^6 – 9%
CMP#IdeaBuy RangeTargetStopLoss*DurationPotential Return^
670.1BUY650 – 670710 – 73063515 – 20 Trading Sessions6 – 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 CodeAXISBANK
Sectoral IndexNIFTY BANK
52W High677.95
52W Low539.2
Face Value2
Relative Performance_AXIS Bank vs Nifty Bank Index

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.
Axis Bank Weekly Chart
Axis Bank Weekly Chart

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.
Axis Bank Daily Chart
Axis Bank Daily Chart

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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