Below is the technical chart of Axis bank using Ichimoku Kinko Hyo indicator. Time frame used is weekly to better analyze resistance levels.
The chart gave bearish breakout signal at the level of 1258 on 06-May-2011. It tried to cross kumo then, but failed and its downtrend started. In the last trading session, it closed at 820.3. The price is still trading below kumo and Chikou-Span (CS) line is also below kumo. If there is some relief rally in this stock, that will be the right time to exit from it and not to buy it.
One should buy this stock when it closes atleast above kijun-sen level viz. 1088.70 now. That will be the right strategy for long term investors.
For short term traders, buy it above 945 for the target of 1008.