AxisBank is opening near its highs since last 4 sessions and closing near its daily low. Even though on daily charts its making higher highs and higher lows, stock is getting stiff resistance from its strong resistance zone of 637.5-640. MACD on daily charts suggests a melt down. Upcoming headwinds like state election results may cause a small correction in Indices. Then AxisBank also will face the correction along with. Hence its a perfect short candidate positionally and also on Intraday basis.
SELL AXISBANK; CMP=625; QTY=40 (25K);
INTRA DAY > SL=645; TGT=630/626.8/622.1;
POSITIONAL > SL=670; TGT=615/610/590;
TRADE IF IT BREAKS DOWN BELOW 638 LEVELS
RECO AT=03.12.18 05:38; RISK:REWARD=1:2.27
SELL AXISBANK; CMP=625; QTY=40 (25K);
INTRA DAY > SL=645; TGT=630/626.8/622.1;
POSITIONAL > SL=670; TGT=615/610/590;
TRADE IF IT BREAKS DOWN BELOW 638 LEVELS
RECO AT=03.12.18 05:38; RISK:REWARD=1:2.27
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