EquityPandit’s Outlook for Axis Bank for the week (January 18, 2016 – January 22, 2016):

AXIS BANK:

Axis Bank closed the week on negative note losing around 9.50%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 369 and close around the levels of 374.

Support for the stock lies in the zone of 340 to 350 where 1000 Daily SMA and 200 Weekly SMA are lying. If the stock closes below this levels then the stock can drift to the levels of 310 from where the stock has broken out in the month of May – 2014.

Resistance for the stock lies in the zone of 400 to 405 from where the stock has broken down from the consolidation range. If the stock closes above this levels then the stock can move to the levels of 430 to 435 where the gap has been created by the stock on 07/01/2016.

Broad range for the stock in the coming week can be 345 – 350 on lower side to 400 – 405 on upper side.