Axis Bank has been on a roll since the past 6 months. It has dragged higher and comfortably gone past all hiccups. Now, we see an opportunity to go short. There is stiff support at 747 below which Axis Bank eyes some significant move lower towards 700. There is price rejection (highlighted in red) once it has tried to break new highs and this is usually a good sign of a move lower.
Trade Idea: Short Axis Bank below 747
1) Price Rejection at highs
2) Continuous Retest of support near 747
3) Possibility of break of weekly pivot
Wipro has a tremendous chart in terms of chart patterns. It has a very evident cup and handle pattern with resistance at 292. We see that earlier in February, Wipro peaked at 291.9, but, quickly dropped towards 250. Interestingly, it found support near its recent resistance spot. This is usually a good sign for a move higher.
Trade Idea: Long Wipro above 292
1) Cup and Holder Pattern
2) Moving Averages lined up nicely to the base
3) Nifty IT extremely strong