AXISBANK:
Results announced -
Net interest income grew by 42.5% YoY during 1HFY11 on the back of 37% YoY growth in advances & Net profits grew by 35% YoY
What happens after good results are announced? Markets starts thinking if this kind of YoY growth is sustainable & stock falls 6% in 2 days on profit booking!
Weekly Chart:
There are several supports along the way @1520-1505-1496-1482. If all of them are breached it would head to 1474-1454-1426
Monthly Chart:
If this turns out to be a pretty strong correction, AXIS can head to 1422.
How to trade AXISBANK next week?
Positional trade: Its a 'sell on rise' close to previous week's VAL @1553 with stop loss @ previous week's VWAP @1556 - if crossed S&R above 1560
Intraday trade: If 1496-1505 is held try aggressive long with a SL@1496 targeting 1545-1555
ICICIBANK:
Weekly chart:
Currently below weekly VAL of 1130. It has strong support @1120 from where it made a sharp rise on expiry day. If 1120 is broken then it can head all the way to 1100 or 1090.
On the positive side if it manages to cross weekly VAL of 1130, a long can be attempted for a target of weekly VAH of 1148 (80% rule)
From monthly chart we can see that ICICIBANK fall should halt in the worst case @1100 and if that is breached it can head towards 1048 for a gap filling move
If 1130 is crossed and held try aggressive long with a SL@1120 targeting 1139-1148 (80% rule)
If 1130 is resisted then short @1130 with SL @1140
Positional Shorts can be taken close to weekly VAH @1148 (with SL close to 1153-1155) where seller on Friday asserted and took price decisively down. And if it crosses 1165, then a long can be taken for target of 1175-1190+
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