Axis bank - Hold or Sell ?

I am holding Axis bank stock @ 277. This stock seems to have strong resistance at Rs. 603.
Looking at the momentum, market could go up, but observing major fall since last week. (double top?) Bit confused now, should I hold or sell this stock (partially or fully).

It was in down trend for a year once it hit 603 levels in 2015.

Please suggest.

 

So Sabeer sir will you confident for down trend of this stock

 

Which website you have used to create this chart?

 

It's an operators game. It is one of FII's preferred stock. They are buying them. DII's too. I have accumulated 1200 shares at 560. Short term target of 700. Technical charts have zero impact especially when operators play them. U could book your profit since the stock may, just may correct another 20-30 rs down. Expect a target of 700 in less than 2 months. Not more. This stock would be hitting 1000 plus in another 3 years.

 

looking at the stock daily & weekly charts it can be safely said that the stock is in downtrend , no doubt about it. but the stock is still above it's weekly pivot level. weekly pivot level is 530. while stock is below it's daily pivot level. daily pivot level is 590. so no doubt immediate trend is downward so you can sell your holding if you do not want further risk. but looking at weekly pivot you can hold it , as your buy is at very low price. you have to take decision about it. but if you want to hold, hold with stop loss of 530 on closing basis on weekly time frame i.e. if stock goes down below 530 after friday close then sell it on monday. if a stock is poised for upside then for liquidity it is deliberately corrected this is called"'liquidity hunt" in professional traders parlance. this happened on 21st september,16 when there was a sharp sell off in nifty futures around 2:18 p.m. next day gap up opening. so the ball is in your court to take decision as per your risk profile.

 

Very nice analysis

Sent from my 504Q+ using DIY Technical Analysis mobile app

 

Chart taken from TradingView.com

 

Thanks Shabbir and all for your feedback..