Buy Axis Bank, says Ashish Chaturmohta

Buy Axis Bank, says Ashish Chaturmohta

Ashish Chaturmohta

Axis Bank has formed symmetrical triangle pattern on weekly chart and trading in a range of Rs 650 and Rs 350 odd levels for almost three years now. On daily chart stock has seen sharp bounce back from 200-day moving average. For last couple stock has been facing at Rs 640-650 zone but forming higher lows. Thus, forming bullish ascending triangle pattern on daily chart.

Relative strength index and Stochastic have given positive crossover with their respective averages on daily chart. On monthly chart ADX ine indicator of trend strength is moving up from neutral level of 20 suggesting strength emerging long term trend. Thus, stock can be bought at current levels and on dips to Rs 620 with stop loss below Rs 600 for target of Rs 725 levels.

[“source-moneycontrol”]