Nifty and Axis Bank

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'

Nifty Technical View

Nifty Weekly Chart

The range at which nifty is oscillating is gradually reducing.  Stochastics in weekly chart has shown a downward direction and it also shows that this could be the beginning of another dip towards 5200!. So use every rise to take short position keeping a target of 5200, Reversal above 5550.

FnO traders can short :

Bharti only at  408 for a target of 400-390

Axis bank only at 1273 for a target 1250-1225

Bajaj Auto only at 1420 for a target 1410-1390

(Above mentioned levels are spot levels. Targets are indicative, you can exit much earlier. Stop loss will be communicated in later stages)

Disclaimer: Above mentioned calls are based on my understanding about technical analysis. Please do your own due diligence before taking them.