EquityPandit’s Outlook for Axis Bank for week (August 03, 2015 – August 07, 2015):  

AXIS BANK:

Axis Bank closed the week on negative note losing around 1%.

As we have mentioned last week that the stock has formed a Bearish Harami pattern on Weekly Charts in an medium term uptrend which indicates the trend reversal and the stock corrected to the levels of 550 before bouncing back to the levels of 580.

The stock has formed a Hammer pattern on weekly charts in downtrend indicating the trend reversal. If the stock manages to close above the levels of 580 the stock can move to the levels of 600 where trend-line resistance for the stock lies.

Support for the stock lies in the zone of 560 to 570 where 50 Daily EMA and 100 Daily SMA are lying.

Resistance for the stock lies in the range of 600 to 610.

Broad range for the stock in the coming week can be 555 – 565 on lower side to 610 – 620 on upper side.