what could be the reason for the sudden fall of AXISBANK in the last hour today 08 Oct 2020, can anybody gives a technical anaysis on this?
- Banks are among highly traded stocks, so they can often give, no, lead, sudden movements.
- On expiry dates, expect this volatility.
- Technical analysis is to be considered only after all these factors ,which are much more influential.
- I have shown a technical analysis to demonstrate you why
happened. see:
It opened 2.5 points above yesterday’s closing. Then it continued to rise after reaching 1st high at the black line. Then it broke it and reached new high at the red line. Now, again it tried to reach new highs, but as if the red line is red signal, it kept stopping there again and again, twice in the next 2 hours. Can you see it?
Finally it gave up and fell, after hitting that high the next time.