Axis Bank sees 'Death Cross' formation on chart; analyst flags key levels

Axis Bank displays a notable structural shift, with its 50-DMA crossing below its 200-DMA, confirming the formation of a classic 'Death Cross' on the daily chart, explains Mayank Jain of Share.Market.

Axis Bank stock has gained around 1.3 per cent thus far in August, and a little over 7 per cent so far in the financial year 2026-27 (FY27). Broadly, the stock has traded in a range of ₹1,270-1,400 in the last 10 months, since October 2025.  Amid the consolidation, Axis Bank has now witnessed the formation of a 'Death Cross' on the daily chart for the first time since October 15, 2025.  A 'Death Cross' happens when a short-term moving average (usually the 50-day) crosses below a long-term moving average (usually the 200-day). This shift signals a weak market or a downward trend in a particular stock/index.  On the other hand, when the 50-DMA crosses over the 200-DMA, it is seen as a positive sign, and the technical term is called 'Golden Cross'.  Axis Bank last witnessed a 'Golden Cross' on October 15, 2025. The stock thereafter rallied from levels of ₹1,170 to ₹1,418 on February 3, 2026 - registering a gain of 21.2 per cent, shows chart.  Given this background, here's a technical outlook on Axis Bank by Mayank Jain, market analyst at Share.Market by PhonePe.  Axis Bank  Current Market Price: ₹1,255 

 

 

  Axis Bank is displaying a notable structural shift on the daily timeframe. The stock's 50-day Moving Average (DMA) at approximately ₹1,284.4 has crossed below its 200-DMA at ₹1,286.8, confirming the formation of a classic Death Cross on the daily chart, notes Mayank Jain of Share.Market.  The stock currently seems trapped below the long-term moving averages, while the short-term 20-DMA at ₹1,240.3 is attempting to act as dynamic short-term support, adds Jain.  According to the analyst, the primary demand zone in seen in the ₹1,160–1,180 zone; with macro structural support further down near ₹1,040–1,070 levels. Jain expects the stock to face resistance in the near-term.  "On the upside, the converging 50-DMA and 200-DMA between ₹1,284 and ₹1,287 create a significant overhead supply ceiling that will likely resist initial recovery attempts," says Jain.  As per the derivatives positioning, Axis Bank Put-Call Ratio (PCR) stands at 0.83, reflecting mild bearish sentiment without entering extreme oversold territory, notes the analyst from Share.Market.  "The Open Interest (OI) distribution highlights heavy Call writing at the 1260 and 1300 strikes—with the 1300 Call holding over 30 lakh contracts—creating a strong barrier against upside momentum. Conversely, Put concentration is centered at the 1240 and 1180 strikes, marking 1,240 as the immediate floor and 1,180 as strong secondary cushion," explains Jain.  Disclaimer: Views and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers' discretion is advised.  Analyst Disclaimer: Investments in securities are subject to market risks. Read all the related documents carefully before investing. All investors are advised to conduct their own independent research into investment strategies before making an investment decision. Past performance does not guarantee future returns. The securities are quoted as an example and not as a recommendation.