Axis Bank Share Price Prediction 27th Jan 2016
Axis Bank Share Price has bounced back from the low made on 18th Jan 2016 from 366 to 429. Axis Bank Share Price Minor Trend is neutral. Axis Bank Share Price Major Trend is bearish. As per our analysis of Axis Bank Chart and time cycles we see a time and price resistance for Axis Bank between 436-431 (Nse spot prices mentioned) and in terms of time cycle there is resistance from 27th Jan 2016-2nd Feb 2016. So if anyone is holding trading or positional longs in Axis Bank caution is advised. We could see the Share price falling back again from 436-431 towards 400-390 before any short term durable bottom is done.
Longer term we have clearly mentioned that we do not want to be in Indian Banking sector as we see problems in the asset quality and retail fee incomes which will show up in the next few months. Untill all these problems come out in the open we do not recommend to buy Axis Bank or any other banking stock (both private sector and public sector banks both are equally bad) so please avoid this sector. This sector has been continuously making lower tops and lower bottoms and such charts must be totally avoided.
Good Trading To You!