Stop Loss: Rs 1,180
Target: Rs 1,310
AXISBANK has recently given a wide-range falling trendline breakout, followed by a successful retest of the breakout zone, which is now aligned with the 20-day EMA. This confluence of support levels indicates strong buying interest and a solid base formation for potential upside momentum. The stock is trading above its key 20, 50, and 200-day EMAs, reaffirming a bullish structure and positive outlook.
On the upside, a decisive break and sustain above Rs 1,235 could trigger a renewed rising trend toward Rs 1,310 levels. On the downside, immediate support is seen around the breakout and 20-day EMA levels, with further strong support near the 100-day EMA placed around Rs 1,160. Breach of this zone may lead to extended weakness.
(Hitesh Tailor, Research Analyst, Choice Broking)