axis bank structure is strong, since all the major indices are bouncing back nifty bank is one of the index showing a move ahead above 35000 mark.
axis bank will be one of the participant in this rally of bank nifty.
price setup:
axis bank is trading above its short term ema and above 50sma range. and can achieve the target above 700 to 720 near the 2hours 200ema.
indicators:
RSI - is strong and rising,
ADX- is greater the 20 and +DI is also confirming the trend and can conclude the momentum exists in the favour of bull,
williams %r: it is indicating that the trend can sustain above the range and can stay in the position.
to do:
buy near 670 to 675
stop loss 659.5
target - 694 / 700 / 720
axis bank will be one of the participant in this rally of bank nifty.
price setup:
axis bank is trading above its short term ema and above 50sma range. and can achieve the target above 700 to 720 near the 2hours 200ema.
indicators:
RSI - is strong and rising,
ADX- is greater the 20 and +DI is also confirming the trend and can conclude the momentum exists in the favour of bull,
williams %r: it is indicating that the trend can sustain above the range and can stay in the position.
to do:
buy near 670 to 675
stop loss 659.5
target - 694 / 700 / 720
Comment:
stop loss was kept below crucial support and the same zone was physiologically strong support zone.