BULLISH TRADE IDEA FOR AXISBANK FUTURE FOR 22 MAR

BUY AXISBANK ABOVE 480 TGT 488/495 SL 470

Primary trend of the AXISBANK  is bearish and after giving breakout of its MONTHLY PIVORT POINT level of 500 range bound movement, it is forming reversal pattern in short term charts, it is likely to continue the positive movement with the breakout of the pattern at the levels of 495 .22 and 55&200 days all moving averages seen as resistance level with the RSI of 40, one may expect the targets of 500/510 in the stock if it manages to sustain above the immediate support level of 470.

Nifty Entered into Negative Zone  Initiate Short Positions

Sensex ended lower by 317 points or 1.08 per cent at 29,167 and Nifty closed down by 91 points or 1.00 per cent at 9,030.Technically, Today, Nifty was entering into negative zone. Market is expected to see sharp downfall and looks like it would fill up the gap that was generated on March 14, 2017, before resuming further positive rally. Now, every
positive.rally would be doubtful. Traders are suggested to initiate fresh short positions at every positive rally in the market .The Nifty started the session with a gap-down open at 9,081 levels, the contract began to experience selling pressure and once again declined breaching the immediate support at 9,100 levels. It has marked an intra-day low at 9,063.The near-term outlook is bearish. The contract can extend its current down-move and test supports at 9,060 and 9,040 levels. Only a strong rally beyond 9,145 will bring back buying interest and take the contract higher to 9,165 or 9,175 levels in the near term.