Axis Bank Limited - BUY
CMP: Rs 520, 6-9 Months Target: Rs 638, Stop loss: Rs 460, Upside: 23%
Our analysis of the weekly charts for the last two years suggests Axis Bank has followed a retracement pattern. Every time Axis Bank has entered into a correction phase, its price has bottomed out approximately around the 78.6% retracement of its previous up move.
"Rising Channel Breakout"
After being in the declining trend for the past six months, Axis Bank has shown signs of a reversal by creating a base. The stock has confirmed the bottom building process by entering into a higher top higher bottom cycle and finally managed to breach past the rising channel pattern with credible volumes on daily chart.
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