Nifty Weekly Chart
Nifty has shown a break down. Tomorrow is the last trading session of this week. If nifty closes in red then the possibility of reaching 5200 will be very high. At this point of time Dow Jones is down 2.4% and Nasdaq 3% !!. Europe market is also down by 2-3% which indicates gap down open tomorrow.
Axis Bank
So far Axis Bank was not bearish unlike other Banking Companies. However Chart shows beginning of downtrend in Axis Bank. Sell signal by RSI, Stochastics, closing below 20 DMA are the indicators which shows that Axis Bank can come down to Rs.1250-1225 in near future. As per Parabolic SAR if Axis Bank touches Rs.1277 then that gives further confirmation of down trend.
Sell Axis Bank for a target of Rs 1250-1225 stop loss above Rs.1320
FnO Traders can Sell:
Bharti only at Rs.410 target Rs.400-390
Today Bajaj Auto sell call is activated continue holding short position.
(Above mentioned levels are spot levels. Targets are indicative, you can exit much earlier. Stop loss will be communicated in later stages)
Always remember ' Your intuition has got limitation so use technical analysis to earn money in market'
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