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Axis Bank Share Price is trading below its peak below. In this video on the stock talk, we will discuss the technical analysis of Axis Bank on multiple technical or trading setups. We will conclude whether it is the right time to buy this stock or book profit from an investor and traders perspective.
The price action suggests BEARISH divergence on the weekly chart. In the recent past, there was a bearish divergence on the daily chart and the stock went down. This stock trade in a channel.
The analysis of Fibonacci retracement suggests that this stock retraces from the level of 61.8%. This level matches with the support level of price action.
Currently, Axis Bank Share Price is trading below 20 periods EMA. It is not a good sign. Also, the volume analysis suggests delivery based selling in the stock. Axis Bank Share Price is in a positive correlation with the index i.e. Nifty.
The option chain of this stock is bearish. As it is part of Bank Nifty, the analysis of the same suggest that there is a weakness in the Bank Nifty. Since Axis Bank Share is the best performing on a yearly basis. Therefore, any bearishness in its index is not a good sign.
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