Axis Bank (BUY, above Rs1,117, Target Rs1,145):
Axis Bank is currently trading near support of 50 DMA, which most of
the time turns out to be trend reversal when stock is into uptrend. The
correction from the intermediate peak of Rs1194 has so far unfolded into
a zig zag corrective form which confirms that stock is into a medium
term uptrend. On the medium term chart stock is in process of forming
right shoulder of inverted H&S which is a bullish pattern with RSI
sustaining above 50 mark. We recommend buying Axis Bank Ltd above Rs1,117 with stop loss of Rs1,103 for Target of Rs1,145. (Duration 4 days)
