EquityPandit’s Outlook for Axis Bank for the week (October 26, 2015 – October 30, 2015):

AXIS BANK:

Axis Bank closed the week on positive note gaining around 4.4%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 527 and close the week at virtually the highest point.

Support for the stock lies in the range of 490 to 500 where short term moving averages and trend-line support for the stock are positioned.

Resistance for the stock lies in the zone of 540 to 550 where 100 and 200 Daily SMA are positioned. If the stock manages to close above this levels then the stock can move to the levels of 580 to 590 where trend-line joining highs is positioned.

Broad range for the stock in the coming week can be 500 – 505 on lower side to 540 – 550 on upper side.