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Buy Axis Bank, target Rs 730: Ashish Chaturmohta

27 November, 2018 7:22 AM
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Buy Axis Bank, target Rs 730: Ashish Chaturmohta

The stock can be bought at current levels and on dips towards Rs 620 with a stop loss below Rs 600 and a target of Rs 730 levels, says Ashish Chaturmohta of Sanctum Wealth Management.

Axis Bank has formed a symmetrical triangle pattern on the weekly chart and is trading in a range of Rs 650 and Rs 350 odd levels for more than three and half years.

On the daily chart, the stock has seen a sharp bounce back from 200 days moving average and price has been consolidating in narrow between Rs 635-600 levels for last three week.

Thus, it has formed bullish pole and flag pattern on the daily chart which expected to give a breakout on the upside.

ADX line indicator of trend strength is steadily moving higher above neutral level of 20 indicating strength in up move. Thus, the stock can be bought at current levels and on dips towards Rs 620 with a stop loss below Rs 600 and a target of Rs 730 levels.

Source: moneycontrol.com

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