Sunday, 5 May 2013

Chart Update : Axis Bank

Axis Bank Chart: 

Friday trading session as damaged day time frame technical for Axis Bank.  Share is trading below critical moving averages like 21hr & 34hr ema , 5dhema and 5dcema.  Yesterday selling has closed exactly at lower support line connecting recent lows.
On the down side support exist at :
  • ·         Trend line support at 1455.
  • ·         5dlEMA at 1460
  • ·         5whema at 1457

So it can be concluded that 1460-55 zone is support zone on the upside resistance exist at 5dcema and 1491.

Conservative shorts can be initiated at high volume break of 1455 with strict sl.  While close above 1491 will add strength to the rally.

So plan your trade accordingly.

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Happy Trading. 

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