Axis Bank - Technical Analysis - 5/27/2016

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Amid general murky environment for bank stocks, Axis Bank stock has been impressive with 100 % retracement from the lows near 375 / 400 area to the greater resistance zone of 525. SBI             and ICICI bank are still scrapping the floor while Axis Bank is so ebullient. But SBI             and ICICI has their own problems to deal with because of bureaucratic interference. Their balance sheets are never going to be pristine because of that reason. Now back to Axis, 525 is very important level because this is the level from where it started 100 point decline last year.
While market is showing renewed enthusiasm, such high beta stocks may rally a lot but we have to be mindful of not buying at the top. First test of the move is how it reacts to the pullback towards 480. To give it a more breathing room, we can consider 450 - 480 as good support zone . So trade is to wait for the pullbacks and trade the support levels 480 / 460 / 440.
Here is what we wrote about Axis Bank, Bank of Baroda and HDFC             last year. ( When we advised to be patient and buy only if it comes to our defined support level near 400, to some it looked ridiculous since market was trading with too much enthusiasm and everything was sanguine. Now again most inexperienced investors are going to make the same mistake of buying high here, while we are offloading on each rally !
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