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Axis Bank

31 Aug 202012:45 PM

Many banking stocks are seeing this pattern. A breakout and a pullback. A breakout defined as surpassing a level where prices often topped. A pullback is an process of coming back to the breakout point just to see if it holds good. The level on this chart at 483 is the breakout level and we have come back to it today. This is where bulls and bears shake hands and one of them carries the trend forward. So a recovery from here would be a confirmation that the breakout was for real. Similar pattern is visible in some other bank stocks as well. A parallel channel to the June top goes to as high as 580 from here.

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