AXISBANK seems to be forming some kind of complicated H&S pattern plus is trending down with lower highs. 500 looks like the baseline of H&S pattern. It could be getting ready for a big plunge? OTOH, 500 could be the lower channel from which it may bounce within the range shown. Worth watching for a breakout move either way...
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Looks like it will close around 500 levels after all. If it opens gap down, trade is on. CMP 501.20.
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Well, it opened a small gap up but hit below 500 already (498.75) once, then bounced back up to 505. Currently hovering just above 500 at 501.20. I think it is headed down to 494/491 levels. If it can't make it back up above 500, then more pain is in the offing below 491.
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BankNifty Jul Fut still having trouble crossing 26450. AXIS will be in bullish territory once it crosses 512.6. As of now has hit 509.85. My call is to Short Jul Fut with a stop at 513.1. So far day hi in Jul Fut is 511.70. (1.34pm)
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Well, well... AXIS is no mood to listen. Market is heading towards 10710. Shorts are screwed. Now AXIS headed to 518-522 zone in cash. (2:21pm)
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AXIS hit 519.40 soon after opening and now trading slightly below at 516.7. It is now in no trading zone between 503-521. Breakout either way will confirm the trend.