Axis Bank Up 1% Post News of Possible Merger With Kotak Mahindra

Shares of Axis bank ltd today saw over 1% increase in intraday session. The scrip reached an intra-day high of 527.95 and closed for the day at 523.75 with 1.25% increase in value.  The share has been on bull run for past two trading sessions over news of possible merger with Kotak mahindra bank. RSI indicator which is used to measure the momentum of stock based on speed of change in stock price regardless of direction in which price moves is currently in range of 48 to 51 and the signal line moves well inside neutral region across intra-day, daily, weekly and monthly charts supportive of upward momentum in near future trading session.

Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in charts of all time frame supportive of continued uptrend price growth in near future trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication supportive of continued bullish price movement. Expected support and resistance levels for the stock are at 499.91 & 542.94 respectively.

 

 

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