Axis Bank Ltd (NSE: AXISBANK) Technical Analysis – Weekly Chart Outlook

Axis Bank is currently trading at ₹1,211.60 and is nearing the upper resistance of a long-standing ascending channel. The stock has demonstrated a persistent bullish trend since early 2020, but recent price action suggests it's at a critical technical juncture. With rising RSI and volume stabilizing, the setup is potentially bullish—but with key resistance overhead. Key Technical Observations 📈 Trend & Structure The price is moving within a broad ascending channel. Recent rejection near upper trendline (~₹1,220–1,230) is consistent with prior peaks, indicating a technical resistance zone. Support is well defined near the ₹1,000–1,050 zone along the lower channel trendline. 🟢 Support Levels ₹1,100 (minor horizontal support). ₹1,000–₹1,050 (strong confluence of lower trendline and horizontal support). 🔴 Resistance Levels ₹1,220–₹1,240 (trendline resistance). ₹1,300 (psychological round number and all-time high zone). Momentum Indicators RSI (Relative Strength Index): Currently at 60.72, climbing from sub-40 levels, indicating improving bullish momentum but not yet overbought. RSI Crossover: Bullish crossover of RSI and its moving average confirms positive momentum resumption. 📢 Disclaimer: For educational purposes only. Not a buy/sell recommendation. I may or may not hold a position. Rajneesh Sharma is a SEBI-registered Research Analyst (INH000020332). Investments are subject to market risks.