Axis Bank: Preparing to Break Resistance – A Rally in the MakingCurrent Price: ₹1,142.40 (+0.29%)
Axis Bank is consolidating near its Golden Retracement Zone (₹1,098 - ₹1,112) after breaking out of its Previous CHoCH Zone (Change of Character). It is also testing a trendline resistance, with potential for a breakout rally toward supply mitigation levels.
Key Levels:
Buy Zone: ₹1,112 - ₹1,143 (Golden Retracement Zone)
Stop Loss: ₹1,098 (on a daily close below the retracement zone)
Target 1: ₹1,280
Target 2: ₹1,303 - ₹1,326 (Supply mitigation zone)
Key Observations:
Golden Retracement Zone: Acts as a strong support for a bounce.
Trendline Breakout: A successful breakout above the resistance line may lead to sustained upward momentum.
Supply Zone: ₹1,303 - ₹1,326 is the next key level to watch for profit booking.
Disclaimer:
This analysis is for educational purposes only and is not financial advice. I am not a SEBI-registered analyst. Please do your own research or consult a financial advisor before making any investment decisions.
