this is a monthly chart and december month is just about to start. It can be seen that stock is available at a long term support line. weekly atr is 43 points out of which 7 point is already minus. More 36 points will bring this stock to 619. Around 625-630 a strong will be obtained. But right now further downside will be less possible as we can see a long term trendline support right here. so my view is a buying can be initiated here with stoploss of 740 and target should be 700 which is making it a 1:3 risk reward ratio.
For those who are either trapped up or are interested to invest for a long time it is a good time to add in portfolio.
@Sarvesh96, you have not mentioned how long for you have invested, I am expecting a bounce back to700- 720 this month. But I am not sure if it can hold this price as market seems in a consolidation mood to 16000.
Sarvesh96
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@Somanathrout, i bought it for swing trade but it fall continuously. my 30% cap is in axis bank.
Somanathrout
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@Sarvesh96, I am messed at 800, mistook it as a breakout for 1000 and today average 25 percent, earlier I had posted to average at 714, my stop triggered ,it was a bull trap. So, even if a pull back comes a selling can not be denied. have lost 2% of my capital as stop loss triggered and adding today my 60 percent capital is held in this counter ,however I have recovered some today in option trading in long side today. But I will sell 50 percent of my position if this week it closes below 640. only this counter trapped me in last one year, anyway that is the part of trading . Let us see the closing of axis bank this week.
Sarvesh96
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@Somanathrout, if there is no any chance then i will exit at breakeven at 730
Somanathrout
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@Sarvesh96, if you really want to book loss sell when median line of the pitch fork when broken in a weekly chart and till then keep following this chart. 730 will show resistance .