Axis Bank shares fell as much as 1.7 percent to Rs 787.9, this is the banking firm’s lowest since May 27.
The bank’s stock broke below support at Rs 803.48, the 7 percent Fibonacci retracement level on the uptrend from April 27, 2018 low to June 4, 2019 high. Axis Bank broke below its 20-day exponential moving average.
Wave pattern suggests Axis Bank has completed a three-wave uptrend and now a three-wave downtrend has started.
The stock had cut below its parabolic SAR on Friday, which signals a possible reversal of the uptrend. In the near term, Axis Bank shares have support at Rs 777.15, the 14.6 percent retracement level.
MACD had cut below the signal line on Friday which is a bearish sign.
Read EquityPandit’s Axis Bank Outlook for the Week
Axis Bank shares were up 29.3 percent this year as of the last close, as compared with the broader NSE Index’s 8.8 percent gains in the same period.