Bank Nifty was the first one to break down and relatively it has been underperforming Nifty and most of the private banks where after very long time we have seen selling is emerging.
Axis Bank has already broken down on the medium-term chart and the supports are still placed far.
If you look at the daily chart pattern, new lows were reported yesterday and a breakdown has happened from a continuation pattern."
"We expect that the stock should move towards the level of Rs 400 which is the first target and a stop loss can be kept at Rs 480," he said.
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