The stock can be bought at current levels and on dips to Rs 645 with a stop loss below Rs 620 and a target of Rs 750, says Ashish Chaturmohta of Sanctum Wealth Management.
Axis Bank has formed a Symmetrical Triangle pattern on the weekly chart and is trading in a range of Rs 650 and Rs 350 for almost three years now. On the daily chart, the stock has seen a sharp bounce back from its 200-day moving average.
The price has seen a breakout from Symmetrical Triangle pattern on the daily chart with strong momentum and good volumes that indicates buying participation in the stock.
On the monthly chart, ADX, line indicator of trend strength, is moving up from a neutral level of 20 that suggests that the strength is emerging for a long-term trend. Thus, the stock can be bought at current levels and on dips to Rs 645 with a stop loss below Rs 620 and a target of Rs 750.
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