Technical Research Report – Axis Bank Ltd. (NSE:

AXISBANK

)

Current Market Price: ₹1173.80 Technical Observations: - Bullish Engulfing Candle observed on the daily chart, signaling reversal from recent decline. A confirmation above ₹1176 will validate this bullish signal. - Trendline Support Zone: Price action shows a solid support zone between ₹1170–1175, validated by previous price reactions and trendline alignment. Chart Pattern in Focus: An Inverted Head and Shoulder pattern is developing: - Left shoulder and head already formed - Right shoulder in progress with base support near ₹1160–1170 - Expected neckline around ₹1235–1240 - Breakout above the neckline could lead to a significant uptrend - Price Action Bias: Buying momentum likely to accelerate above ₹1177, supported by pattern completion and trendline bounce. Indicators Analysis: - RSI: Near 52, bouncing from midline, showing early bullish momentum without being overbought - MACD: Histogram shrinking in negative zone, close to a bullish crossover - Moving Averages: Price trading above 20- and 50-day EMAs; supportive of trend continuation Trade Setup: Entry Zone Stop Loss Target 1 Target 2 Target 3 (post-breakout) ₹1177 ₹1149 ₹1200 ₹1235 ₹1290 - Trail Stop-Loss Strategy: - Shift SL to cost once price crosses ₹1200 - Further trail below swing lows if targeting higher levels beyond ₹1240 Conclusion: Axis Bank is showing signs of bullish reversal on the daily chart, backed by price action, chart pattern structure, and key indicator signals. The emerging inverted head and shoulder along with a bullish engulfing candle near a support zone adds strength to the bullish view. A sustained close above ₹1176–1177 may lead to a near-term rally towards ₹1200 and ₹1235. A breakout above neckline (₹1235–1240) could open gates for a move towards ₹1290 or higher in coming weeks. Disclaimer- This is a technical view for educational purpose only, not a buy/sell recommendation. Do your own research or consult your advisor before investing