Axis Bank Share Price Prediction 13th Jan
Axis Bank Share Price has almost broken now and regular readers and clients of ours will recall that when Axis Bank Share Price was 550 we had clearly predicted to avoid longs in this counter and we had a target price of 378. Now there are two important factors first although the price target is nearing the downside targets but the problems and issues in the Bank have gone up manifold and hence although we had previously mentioned that we will consider buying this counter around 378 as of right now we do not have any plans to buy lagging sectors and stocks in our portfolios.
The larger story lines in the chart structure which is so very weak, all pullbacks don’t last for over 4-5 trading days, consistently the stock price / share price has been making lower tops and lower bottoms and the current structure does not look to be ending in a hurry. Hence it will not make any sense to be long or trying to find a logical bottom. Q3FY16 results in the counter will or could begin a havoc cycle for this stock price and we could see sudden 12-10 percent price erosion further from here just around or post Q3FY16 results. Hence please avoid this counter totally, rather as we have been recommending kindly avoid this sector totally and be in Sugar stocks like Renuka Sugar, Bajaj Hindustan, EID Parry. We have also initiated buying in Kesoram Industries, NMDC so even these stocks can be bought on all declines.
Good Trading To You!