Axis Bank likely to give around 7% returns to it stockholders
Recently Axis Bank, one of the leading private sector banks, has broken its downward spell by moving on the form of the Falling Channel, giving hope to investors for an upside momentum and a good buy at the current price levels.
Bullish trend
They formed a Falling Channel in last year’s December when it first made a double top pattern and corrected later falling even from its moving averages.
The past breakdown
However, recently, with high volume the stock is in action with MACD and RSI showcasing bullish signals.
Bullish indicators
If this trend continues, Axis Bank would reach a price target of Rs. 1205 from its current price of Rs. 1125+.
Price target
However, if the price falls below Rs. 1099, the chances of an upside breakdown are likely to be very thin, which investors should be cautious of.
Further, fall down if
The company’s shares were trading in a range of Rs.1241 to Rs. 1347 on Friday from its previous closing of Rs. 1190.30