EquityPandit’s Outlook for Axis Bank for the week (April 11, 2016 – April 13, 2016):

AXIS BANK:

Axis Bank closed the week on negative note losing around 6.30%.

As we have mentioned last week that resistance for the stock lies in the zone of 460 where 500 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 480 where 200 Daily SMA is lying. During the week the stock manages to hit a high of 451 and close the week around the levels of 422.

Support for the stock lies in the zone of 405 to 410 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 390 to 400 where the stock had a gap up opening on 02-03-2016.

Minor resistance for the stock lies in the zone of 430 where 100 Daily SMA is lying. Resistance for the stock lies in the zone of 460 where 500 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 480 where 200 Daily SMA is lying.

Broad range for the stock in the coming week can be 410 – 415 on lower side to 440 – 445 on upper side.