Axis Bank Limited (AXISBANK) Stock - Complete Technical Analysis - Nov 05, 2024

Axis Bank Technical Analysis: Key Support & Resistance Levels Revealed

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. Today's technical overview of Axis Bank Limited reveals that the stock currently trades at 1171.70, positioning it 12.54% below its 52-week high of 1339.65 and 19.52% above its low of 980.35. The last five trading days have shown a mix of volatility and slight recovery, with today's close reflecting a recent uptrend from yesterday's dip.

The formation of a Piercing Pattern indicates potential bullish sentiment, though the ADX at 18.49 suggests the market is lacking a strong directional trend. The RSI, hovering near 48.84, points towards a neutral stance, implying indecisiveness among traders. Notably, the MACD at -8.2 suggests bearish momentum persists, yet the Stochastic RSI indicates that the stock could be overbought.

The technical indicators also show that the stock is currently positioned below several moving averages, particularly the 50 and 100-day averages, indicating resistance levels around 1183 and 1191. Immediate support is identified near the 10-day SMA at 1168, with critical support below at the 200-day SMA of 1151.

Additionally, the high ATR reading at 55.31 suggests that the stock has been quite volatile, highlighting the importance of being cautious. Traders should closely watch for any breakouts above the resistance levels or breakdowns below the support levels in upcoming sessions to determine the next significant price action.