EquityPandit’s Outlook for Axis Bank for the week (September 28, 2015 – October 02, 2015):

AXIS BANK:

Axis Bank closed the week on negative note losing around 0.6%.

As we have mentioned last week that 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. During the week the stock hit a low of 497 and bounce to close the week around the levels of 514.

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 525 where 50 EMA is lying. If the stock manages to close above the levels of 525 the stock can move to the levels of 550 where 100 and 200 Daily SMA are positioned.

The stock has formed a Doji pattern on weekly charts in an uptrend indicating the indecision amongst the traders about the further direction of the stock.

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