AXIS BANK - What to Expect in the May Series

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CRAME NOTE ON INDIVIDUAL STOCKS- 13 May , 2020

One of the largest players in the private banking space, Axis Bank had come under heavy selling pressure during the recent downfall in Indian Stock Markets. The stock had come down from its life high of 827 in 2019 June to  below 300 in March 2020. From the March lows, the stock recovered almost to 486 levels where it witnessed selling pressure. Ever since the stock has been consolidating with a mild upward bias. With the massive economic reform package announced by the Government, the stock found a good amount of short covering today. The immediate supply zone for the stock for the May series expiry seems to be in 432-443 levels, which is structurally important for the recent consolidation. A break above those levels on a closing basis in the daily chart can take the stock price higher. On the downside 393-388 can be a demand zone. A break below the demand zone exert downward pressure on prices.




DISCLAIMER
The content provided in CRAME blog is for educational purposes only. CRAME or the analyst(s) do(es) not assume any responsibility for the financial decisions/actions made on the basis of the analysis presented in the blog.



Analysts

Prof. Binu  P Paul PhD
Prof. Soumya V ACSI

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