Axis Bank

Axis Bank has spent a large amount of time in the 350 to 450 trading range, and has ended up forming a triangle pattern with the lower end at 360 in the top end at 438. This triangle on large volumes after a substantial fall is similar to what I have discussed before in banking stocks, are selling climax in the long accumulation phase that should complete with the trend reversal. Wave is the last phase of the structure and therefore if ₹ 360 holds when we should test the top end of the pattern at 438 and eventually break out of it. A breakout would then suggest moving towards the parallel trendline of the triangle that goes all the way to 600.