Shabbir Kayyumi
A bullish Gartley harmonic pattern is a bullish reversal pattern that is based on various Fibonacci ratios and one which marks the end of a price decline.
For Axis Bank, by definition, point D is the inflection point as it is around this point, prices is expected to find a bottom and potentially reverses to the upside.
Formation of Bullish long legged doji on daily chart is likely to set stage of bottoming out around this support zone.
Hidden negative divergence is seen in RSI as it is forming lower lows and prices are forming higher lows. Price can be expected to head higher in the days ahead, potentially towards Rs 550 and Rs 570 marks. View will invalidated if it will get close below Rs 480 mark.
Disclaimer: The author is Head - Technical & Derivative Research, Narnolia Financial Advisors. The views and investment tips expressed by investment experts on moneycontrol.com are his own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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