Tuesday, July 24, 2012

Banknifty, Axisbank - Elliott Wave Analysis

Axis Bank
I was bearish on Axisbank to begin with. Looking at the Banknifty chart, we can see a series of 1-2/1-2 waves. The target area for latest wave (2), comes around 10200-10060 range. But below that we may look for a deeper correction towards 9675, still keeping the bullish count intact, but just. So if we take out the 10200-10060 range on Banknifty, we should see one more low on Axisbank.
If Axisbank takes out the 1095.20 level, we may see a healthy up move. But if it continues to slide down, we will test the 920-890 range, also the lower channel boundary.

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