Axis Bank - Analysis for Intraday and Swing Trading

Axis Bank is the stock that we are going to analyse today based on Open Interest and Change in Open Interest for swing as well as Intraday Trade. We also check the Trend Cycles of it. Before this, we have analyzed Bharti Airtel - You can check here.

Axis Bank  Option Front :
Axis Bank has given closing at 406.0 on 24^th April 2020. Highest call open interest is at 460 strike price, followed by 440 and highest Open interest at put side is at 400 strike. Significant amount of call added at 420 call and a good amount of unwinding has been seen at 420 put.

Trading Range Of Axis Bank 

Now time to find out the trading range of the Axis Bank. For this purpose, we need to look for the highest call OI Row and Highest Put OI Row on the option chain of the Axis Bank. Trading range seems to be 380 to 420.

1. Highest Call at 460. 

2. Highest Put at 400. 

1. Pivot Strike at 400.

Highest call acts as the highest resistance and highest put will act as the highest support for the stocks.

Trend Cycles

 

Trend Cycles for Axis Bank

Conclusion:

Axis Bank is near a very important support that is 400. If it sustains below 500 then some move towards 385 and 380 can be seen. And if able to hold the support at 400, we can see some move towards 420 and 440. 

This may take 6 to 7 trading days to happen. In last three day, Axis Bank has given two shorts cycles in the last two days. If this is followed by another short then we will see some down move else short-cover can take it upward. All moves depend on 400. 400 strike is a make or break level for Axis Bank.

Disclaimer: The analysis has been prepared for informational and educational purposes only. It is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.

 You can check here Daily Nifty and Bank Nifty Analysis.

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