Looking at the funds that has potential to outperform in future and not just looking at the past performance. We use Elliott wave theory to understand Mutual Funds possible outcome.
Axis Long Term Equity Fund – Growth Daily Chart
Axis Long Term Equity Fund –Growth is an open ended Equity Linked Saving Scheme [ELSS] which has a lock in period for 3 years. This scheme is ranked 2 in ELSS category by CRISIL.
Taxation: This fund aims for “SHARE LESS SAVE MORE”. This fund helps the investors to get tax rebates under section 80 C of Income Tax Act.
Portfolio Analysis: The major holdings of this fund are into Banking and Automotive sectors. Below is the table shown of Top Holding & Sectorial allocation of this fund:
Top Holdings:
Risk: This fund has concentrated exposure to sectors especially Banking/Finance and so the risk is diversified. It is better to eye for long term investment in this fund. Fresh investments should be done in form of SIP only with time horizon of three years or more.
Technical Perspective: As shown in the above daily chart, post the completion of wave 2 near 30 levels prices exhibited a sharp move on upside and currently intermediate wave 3 is ongoing. On downside as long as the blue channel is intact trend will be positive. Move towards 50 can be expected with support now shifted towards 39 levels.
Investment rationale: Axis Long Term Equity ELSS scheme can move higher over medium term. One should continue to do investments through SIP to generate the greater wealth along with tax saving.
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