April 6, 2018 / 5:12 AM / 19 days ago

BUZZ-India's Axis Bank - technicals suggest more downside

** Axis Bank Ltd, which has fallen about 20 pct since hitting an over 16-month high of 627.6 rupees on Jan 23, may fall further as suggested by its technical chart

** Stock's 50-day exponential moving average (EMA) cuts below its 200-day EMA, forming a 'death cross' which is seen as a bearish signal reut.rs/2GZylwI

** The descending trend line formed since Jan 23 is acting as a strong resistance for the stock

** Stock’s RSI line also casts a bearish outlook as it fails to cross the 50 mark

** Stock has immediate support at 490 rupees, the 76.4 pct Fibonacci retracement level of the uptrend from Oct 23, 2017 low to Jan 23, 2018 high

** A break below 490 rupees may lead to a fall towards 447.5 rupees, the 100 pct retracement level with some support near the 86.4 pct level at 472 rupees

Reporting by Gaurav Dogra

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