The stock can be bought at current level and on dips towards Rs 360 with a stop loss below Rs 600 and a target of Rs 700, says Ashish Chaturmohta of Sanctum Wealth Management.
Axis Bank has formed a symmetrical triangle pattern on the weekly chart and is trading in the range of Rs 650 and Rs 350 odd levels for more than three years.
Last week, the stock has seen a reversal from the lower end of the pattern and witnessed a sharp bounce back. The price has taken a support around its long-term 200-day moving average and rallied back.
The price has given a breakout on the upside from the Bollinger Band with the expansion of bands indicating a continuation of the trend in the direction of breakout on the daily chart.
MACD line has moved above the equilibrium level of zero on the daily chart. Thus, the stock can be bought at current level and on dips towards Rs 360 with a stop loss below Rs 600 and a target of Rs 700.Disclaimer: The author is Head of Technical and Derivatives at Sanctum Wealth Management. The views and investment tips expressed by investment expert 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.