Axis Bank Elliott Wave Analysis

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 Axis Bank hourly chart


Analysis

From the above chart, prices are moving in a higher highs and higher lows and it is moving precisely in rising channel. As of now no previous lows is taken out and the banking stock is currently hovering near to the support. A bounce back from here is not ruled out.

MACD is in sell mode and it is below the center line which is a negative sign. RSI has approached near to the oversold terrain and has the tendency to relieve from current levels.

As per Waves perspective, prices are soaring in double zigzag pattern (a-b-c-x-a-b-c). It has recently completed wave c of second correction and fresh leg on the downside has started. The recent fall looks impulse and prices can bounce from here to test 920-930 levels which can be a selling opportunity. However, failure to protect the level of 896 can infuse selling pressure which can drag prices towards 870.

The summation is Axis bank can bounce near till 920-930 levels which can can be utilized as a selling opportunity dragging prices towards 870. Failure to protect the level of 896 will negate the bounce and not the target.

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