Axis Bank at 3-week low; chart suggests end of uptrend

Shares of Axis Bank fell as much as 1.7 per cent to Rs 787.9, their lowest since May 27.

The stock broke below support at Rs 803.48, the 7 per cent Fibonacci retracement level on the uptrend from April 27, 2018 low to June 4, 2019 high.

Axis Bank broke below its 20-day exponential moving average.


Wave pattern suggests Axis has completed a three-wave uptrend and a three-wave downtrend has started.

The stock had cut below its parabolic SAR on Friday, which signals a possible reversal of the uptrend.

In the near term, Axis Bank shares have support at Rs 777.15, the 14.6 per cent retracement level.

MACD had cut below the signal line on Friday which is a bearish sign.

Axis Bank shares were up 29.3 per cent this year as of last close, compared with the broader NSE Index's 8.8 per cent gains in the same period.