26Nov

Axis Bank ltd. Elliott WaveTechnical Analysis: Stock Price Forecast, Resistance Levels, and Trading Strategy

AXIS BANK LTD – AXISBANK (1D Chart) Elliott Wave Technical Analysis

AXISBANK Elliott Wave Technical Analysis

Function: Counter Trend (Minor degree, Grey. Wave A unfolding)

Mode: Corrective

Structure: Potential Impulse

Position: Minute Wave ((ii)) Navy of 1/A complete

Details: Minute Wave ((iii)) Navy is progressing towards the 1000 level, with an invalidation point at 1290, where risks have been tightened.

AXISBANK Daily Chart Technical Analysis and Potential Elliott Wave Counts

The AXISBANK daily chart suggests a potential bearish reversal after reaching the 1340 high, marking the termination of Intermediate Wave (5) Orange. This level indicates the potential end of the strong uptrend, with the stock now trending lower against the 1340 resistance.

  • Historical Insights:
    Intermediate Wave (4) Orange concluded near the 620 level in June 2022. Since then, a clear five-wave rally from Minor Waves 1 through 5 was observed, peaking near 1340.

  • Current Movement:
    If this wave count is correct, the stock's trend may now be moving lower, targeting the 1000 mark.
    Minute Waves ((i)) and ((ii)) seem to have completed at approximately 1130 and 1290 levels, respectively. Currently, Minute Wave ((iii)) appears to be progressing downward against the 1290 high.

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AXIS BANK LTD – AXISBANK (4H Chart) Elliott Wave Technical Analysis

Function: Counter Trend (Minor degree, Grey. Wave A unfolding)

Mode: Corrective

Structure: Potential Impulse

Position: Minute Wave ((ii)) Navy of 1/A complete

Details: Minute Wave ((iii)) Navy is now unfolding towards the 1000 level, invalidation at 1290, with tightened risks.

AXISBANK 4H Chart Technical Analysis and Potential Elliott Wave Counts

The 4H chart provides a detailed view of the sub-waves following the termination of Minor Wave 3 at 1154 in December 2023.

  • Minor Wave 4 developed as a combination structure before an impulsive Wave 5 completed near the 1340 level.
  • Since this peak, the stock appears to have reversed lower, forming an impulsive structure at the Minute Degree, with the 1290 level acting as the invalidation point.

Technical Analyst: Harsh Japee

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Conclusion:

AXISBANK is unfolding within Minute Wave ((iii)) targeting lower levels near 1000, while invalidation remains set at 1290. The broader trend now seems bearish based on the Elliott Wave structure.

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