EquityPandit’s Outlook for Axis Bank for the week (October 05, 2015 – October 09, 2015):

AXIS BANK:

Axis Bank closed the week on negative note losing around 3.5%.

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 manages to hit a low of 485 and close the week around the levels of 496.

Resistance for the stock lies in the zone of 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.

Support for the stock lies in the range of 470 to 480. If the stock closes below this levels then the stock can drift to the levels of 450.

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