Banking Sector Blue Chip Chart Update

Axis Bank:

Monthly daily and weekly trend is down. Axis bank is trending in nicely formed downward trending channel.

• ·    Trend line support at 1210
• ·    200 Days MA is at 1220
• ·    50% retracement zone of last swing comes at 1221.

Combining all this studies it can be concluded that 1220- 1210 is a strong support zone.Below which support comes around 1160-52 zone as marked in chart.If bounce comes then it might get resisted at upper channel line and 1283. Conservative buy only above 1280. 

HDFC:

Daily, Weekly and Monthly trend is down and suggesting sell on rise. Share is trading at trend line support of lows connecting lows since May 2012.

•  200 DMA is at 766
• Trend line support at 763
• 80% retracement of last swing is at 762.5

Combining all this studies it can be concluded that 762-766 is strong support. Break of 762 will lead to deeper correction till next support of 726-30. On the other hand 774-76 zone is stiff resistance minor strength above this. 

So ,plan your trade accordingly. 

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All the views and contents mentioned in this blog are merely for educational purposes and are not recommendations or tips offered to any person(s) with respect to the purchase or sale of the stocks / futures. I do not accept any liability/loss accruing from the use of any content from this blog. All readers of this blog must rely on their own discretion and neither any analyst nor any publisher shall be responsible for the outcome.