Sell Axis Bank Nov Fut below Rs 1205: IIFL

According tp IIFL, traders can sell Axis Bank November future below Rs 1205 with a stoploss of Rs 1235 for a target of Rs 1145 in its October 22, 2012 research report.

"Axis Bank on the daily chart has formed 'bearish harami cross' on candlestick which is a trend reversal pattern and since such pattern has emerged after an elongated upmove the reaction on downside is expected to be quiet severe. Adding to it prices are trading near the rising resistance line with RSI trading in extreme overbought position. We recommend going short on Axis Bank Nov fut below Rs1205 with stoploss of Rs1235 for Target of Rs1145. (Duration 9 days)," says IIFL research report.

Institutional holding more than 40% in Indian cos

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