With the broader markets under pressure, Axis Bank has been one of the key contributors to the move downside. With the stock now approaching an important support level we expect that there is a chance now for the stock to attempt some recovery.
It is a pretty self-explanatory chart with regards to the outlook. The area which was previously resistance is now expected to turn into support and provide some relief from the constant fall.
For the long term bull market to remain intact in this counter it is essential that this level is respected or we could see even further downside.
Update - 19th August, 2019
As can be see in the image above the stock bounced up from the 650 support zone. The closest resistance to the stock now lies at the 700 gap resistance and we expect the counter to halt there for a bit at-least.