Axis Bank Limited (AXISBANK) Stock - Complete Technical Analysis - Sep 03, 2024

Axis Bank Technical Analysis Key Support, Resistance

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Technical Analysis of Axis Bank Limited (AXISBANK)

Axis Bank is currently trading at 1,192. The technical indicators suggest a mixed yet intriguing outlook. The Relative Strength Index (RSI) is at a neutral level, indicating no strong overbought or oversold conditions. The Stochastic %K and Stochastic RSI are showing overbought signals, which may suggest a potential for short-term correction.

The Moving Average Convergence Divergence (MACD) is currently negative, reflecting a bearish momentum in the short term. The Average Directional Index (ADX) is low, suggesting a weak trend and a possible sideways movement in the market.

The Exponential Moving Averages (EMA) of 10 and 20 periods are converging, indicating a potential shift in momentum. The Hull Moving Average (HMA) is above the current price, which might act as a resistance level.

The price is above the Simple Moving Averages (SMA) of 10 and 20 periods, but below the 50 and 200-period SMAs, indicating a mixed trend. The Ichimoku Base Line is below the current price, acting as a support level.

Key support levels to watch are around the Classic Pivot S1 and S2 levels, while resistance could be observed around the Classic Pivot R1 and R2 levels. The Average True Range (ATR) indicates moderate volatility, suggesting that the stock could experience notable price swings.

Overall, traders should watch for possible short-term corrections given the overbought indicators and monitor for changes in momentum around the key moving averages.