Here's an account of Price action of Axis Bank stock that has beautiful lessons. Please refer the 5-minute chart of the same below. Price though opened slightly Gap down, the opening candle was bullish candle with a long down wick indicating bulls strength in the morning. Price was well above 200-MA.
In the first 15 minutes price zoomed up by about 6 points only to find stiff resistance near '707' area marked by a red horizontal box in the chart. Little later price offered a pullback opportunity to go long. At the point of opportunity price was taking support near mild support from previous day price action which is marked by a horizontal box. Price kept moving higher.
Now, an interesting thing happened that's of high value to all us traders. The '707' area that had been acting as stiff resistance for now turns into support by 3:00 P.M. I have placed up arrows showing the place of support. Price zoomed higher to reach pivot 'r1' finally by the end of the day.
What about Nifty 50 index?
Nifty opened Gap Down by about 100 points. Nifty was well below averages. Today's price action of Nifty can be best described as sideways. Please refer the 5-minute chart of Nifty 50 below.
In the first hour Nifty tried moving higher. It put up a double top and moved lower. The rise that started around 11:00 A.M. went all the way filling the morning gap. Nifty closed -0.25% lower for the day.