PICK OF THE WEEK: AXISBANK (NSE)
30th December 2019
- On a weekly chart, the stock has been trading in an Upward Rising Channel formation since last many weeks and it seems that the ongoing movement will continue further from the present level.
- Moreover, after giving a correction from its All-time high, the stock has taken the support around 650 level which is a 61.80% Fibonacci Retracement level of its previous up move from 535 to 828 level which suggests that the after a secondary corrective move, the stock has again started its primary trend.
- Furthermore, the stock has taken the support of its 100 Weeks Moving Average which shows that the short to medium term trend is positive and based on which we may see a further upside movement.
- On a daily chart, recently the stock has started to trade with a positive crossover of 50*100 Days Moving Average which can be considered as a Bullish Crossover and suggests a northward movement in the counter.
- A weekly momentum indicator RSI is trending with a positive crossover along with the support of its Horizontal Trend line which points out for a positive breath in the counter.
- Based on the above technical structure, we are expecting a good upside movement in the counter in a few trading sessions.
Our Recommentation is to
Buy, Add on Dips