TECHNICAL ANALYSIS OF AXISBANK

POSITIONAL FUTURE:

“BUY AXIS BANK ABOVE 562 TGT 570/580”

WEEKLY RESISTANCE: 558, 564, 577,590
WEEKLY PIVOT POINT: 551 
WEEKLY SUPPORT:  545, 538, 525,512

The stock is showing correction since past few sessions and also sustaining above lower trend line support level. Currently it has formed reversal pattern on the short term charts and trading below the resistance level of 564.Breakout of its resistance level may show recovery in it where traders can expect targets of 570 and 580 while major support of 538 can be placed as technical stop loss.

MARKET SUMMARY FOR 9 JUNE 2015

The market is move towards weak closing for the six consecutive session. Nifty loose 22 points at the opening bell by mixed global cues. Sensex, Nifty end marginally lower;  Cipla lost 3 % and Dr Reddy's Labs, Sun Pharma, Bajaj Auto and Wipro were among lossers in the Sensex. Top gainers were Vedanta, Hindalco, HUL, ICICI Bank and Tata Power. After a very volatile day, the market ended with marginal losses. The Sensex was down 55 points at 26468 and the Nifty slipped  29 points at 8019 and made low of 8003 and bank nifty ended  at 17475 with made a low of 17373. Now in upcoming days banking stocks in focus because RBI allows banks to take 51% stake to recover bad loans. About 948 shares advanced, 1578 shares declined, and 162 shares were unchanged. Sensex ends in red, Nestle surprise winner, up over 9% in late trade likely on value buying. The stock closed 7.47% up. Cairn top loser. 17 of 30 Sensex stocks ended the day in red.

TOP GAINERS AND LOSERS ARE:

Sectors	Change %	Top Gainer Company
Non Ferrous Metals	1.3 %	Hindalco Inds.
Gas Distribution	0.9 %	GAIL (India)
Textiles	1.08 %	Grasim Inds
Finance	1.6 %	I D F C
Mining & Mineral products	0.86 %	Vedanta
Crude Oil & Natural Gas	-4.6 %	Cairn India
Pharmaceuticals	-3.8 %	Cipla
Paints/Varnish	-1.7 %	Asian Paints