AXISBANK EQ.BUY

 

(AXIS BANK LTD, 1-minute timeframe), here is a detailed explanation of the target, stop loss, and trend setup with support/resistance analysis:

📈 Chart Analysis Overview: This is a bullish breakout setup forming a triangle pattern (ABCD pattern).

The price is currently at ₹1,191.40.

The breakout from the symmetrical triangle (point C) suggests a bullish continuation.

🔼 Trend Setup: Trend: Short-term bullish, confirmed by the breakout from the triangle.

Pattern: ABCD harmonic pattern or ascending triangle breakout.

Key Points:

A to B: Strong downward move.

B to C: Higher lows formed with consolidation inside a triangle.

C to D projection: Suggests a continuation after the breakout.

📌 Support and Resistance Levels: Support: Around ₹1,180 (below point B), which acted as a base for the reversal.

Resistance: ₹1,195 - ₹1,198 (near point D), marked as a potential target zone.

🎯 Target (Take Profit): Projecting the height of the triangle (A to B = ~₹17) from the breakout point (C ≈ ₹1,188):

Target (D) = ₹1,188 + ₹17 ≈ ₹1,205 (approx.)

Conservative target: Around ₹1,195 - ₹1,198 (near horizontal resistance line marked).

🛑 Stop Loss: Place stop loss just below the breakout support area or below point B:

Conservative SL: ₹1,182 (just under recent higher low).

Aggressive SL: ₹1,179 (below base of triangle / point B).

✅ Setup Summary: Parameter Level (Approx) Entry Point ₹1,188 – ₹1,191 Target 1 ₹1,195 – ₹1,198 Target 2 ₹1,205 (extended) Stop Loss ₹1,179 – ₹1,182 Risk/Reward ~1:2 or better

🧠 Pro Tips: Confirm breakout volume before entering.

Watch for rejection candles near the resistance (D) for partial profit booking.

Adjust SL to breakeven once the price crosses ₹1,195 to lock in profits.