Buy Axis Bank around Rs 560 for the target Rs 650 level, keeping a stop loss of Rs 512 levels.
Narnolia Financial Advisors
Axis Bank is running in the upward sloping channel. After hitting the peak of Rs 677 marks, it showed sharp decline towards Rs 545-550 levels. As of now, it took support as point of polarity is seen near Rs 555 marks which signaled halt in the downswing.
Currently, stock is trading above its 200 DMA which comes at Rs 556 and this shows positive trend in the scrip. Based on the above technical structure, we are expecting an upside momentum in the stock in coming sessions. Buy around Rs 560 for the target Rs 650 level, keeping a stop loss of Rs 512 levels.