Axis Bank Completed 5 wave decline with an ED around 425 levels. This will be most likely followed by a simple abc correction (a and b of which are already done). Wave c should take us well beyond 500 in very quick time.
NSE:AXISBANK
Buy entry based on below condition
a. S1 holds support
b. Bullish candle that goes out of the rectangle
If both condition supports then buy on the outside of rectangle and target will be T1. there sell 75% and keep 25% in stoploss as T1 and nxt target will be T2
If it breaks S1 then short it and target will be ST1
AXIS BANK OPENED WITH GAP AT 614 AND RETRACED AT 600 TO FILL THE GAP.
MACD DIVERGENCE ALSO IN FAVOR......
LOW RISK BUY CALL
BUY AXIS BANK AT 595-600 SL 585
Short Axisbank 636 . Its highly overbought I would ideally short in Options rather than future .
Over next 1 week or so it should stabalise around 620 Levels where one can do profit booking in options .
also time decay will also fetch good money.
Its a risky trade. Against the trend.
Sell Axis bank 620 CA at 28 Rs
Trade with caution.
