EquityPandit’s Outlook for Axis Bank for the week (November 09, 2015 – November 13, 2015):

AXIS BANK:

Axis Bank closed the week on negative note losing around 2.3%.

As we have mentioned last week that support for the stock lies in the zone of 460 where channel support for the stock is lying. The stock is moving in this channel since the month of March – 2015. If the stock closes below this levels then the stock can drift to the levels of 425 to 430 where 500 Daily SMA and 100 Weekly SMA are positioned. During the week the stock manages to hit a low of 459.5 and bounce to close the week around the levels of 464.

Support for the stock lies in the zone of 460 where channel support for the stock is lying. The stock is moving in this channel since the month of March – 2015. If the stock closes below this levels then the stock can drift to the levels of 425 to 430 where 500 Daily SMA and 100 Weekly SMA are positioned.

Resistance for the stock lies in the zone of 480 to 485 where minor downward sloping trend-line is positioned. If the stock manages to close above this levels then the stock can move to the levels of 500 from where the stock has sold off.

Broad range for the stock in the coming week can be 455 – 460 on lower side to 480 – 485 on upper side.