EquityPandit’s Outlook for Axis Bank for the week (September 21, 2015 – September 25, 2015):

AXIS BANK:

Axis Bank closed the week on positive note gaining around 7.5%.

As we have mentioned last week that if the stock manages to close above the levels of 500 to 510 the stock can move to the levels of 540 where 100 and 200 Daily SMA are positioned and the stock manages to hit a high of 520 and close the week around the levels of 517.

Support for the stock lies in the range of 500. If the stock moves below the levels of 500 on closing basis then the stock can drift to the levels of 470 to 480.

Resistance for the stock lies in the zone of 510 to 520. If the stock manages to close above the levels of 520 the stock can move to the levels of 550 where 100 and 200 Daily SMA are positioned.

Broad range for the stock in the coming week can be 470 – 480 on lower side to 530 – 540 on upper side.