EquityPandit’s Outlook for Axis Bank for the week (January 11, 2016 – January 15, 2016):

AXIS BANK:

Axis Bank closed the week on negative note losing around 7.50%.

As we have mentioned last week that resistance for the stock lies in the zone of 450 to 455 from where the stock has broken down the descending triangle pattern and 100 Weekly SMA are lying. If the stock closes above this levels then the stock can move to the levels of 470. During the week the stock manages to hit a high of 449 and sold off to close the week around the levels of 416.

Support for the stock lies in the zone of 380 to 400 where the stock has taken multiple support in the month of August – 2014 and October – 2014. If the stock closes below this levels then the stock can drift to the levels of 340 where 1000 Daily SMA and 200 Weekly SMA are lying.

Resistance for the stock lies in the zone of 430 to 435 where the gap has been created by the stock on 07/01/2016. If the stock manages to close above this levels then the stock can move to the levels of 450 to 455 from where the stock has broken down the descending triangle pattern and 100 Weekly SMA are lying.

Broad range for the stock in the coming week can be 385 – 390 on lower side to 445 – 450 on upper side.