Axis Bank Share Price Prediction 8th Jan 2016
Axis Bank Share Price as predicted has been making fresh lows on a regular basis and has been one of the worst performers of this current mandi / bearish cycle. We have been consistently recommending to stay away from such chart structures even today even after a sharp fall from 650 to 400 the stock structure still does not look even like bottoming in fact the accelerating volumes in the past few trading days is suggesting still more downside is likely but that apart the bigger problem is that this will not perform well in the run up towards 8800-9000. Hence we suggest that there should not be any exposure to Axis Bank as we do not see the share price outperforming in the rally towards 8800-9000, rather the stock as per our analysis will be under performing the Nifty 50 hence such stocks should be avoided if you are trading stock specific.
Axis Bank Share price has been consistently making lower tops and lower bottoms in all time frames weekly, daily, hourly and even in the 15 minutes time frame, such structure lead the downside they never out perform they always under perform. Further the bigger problem is that most mutual funds, Portfolio Management schemes, DII and HNI have high exposure to this bank in particular. So on all rises the people who are stuck will try to get out of the stock.
Look at sugar stocks like Bajaj Hindustan, Renuka Sugar and EID Parry and please avoid Axis Bank totally for now at least.
Good Trading To You!