EquityPandit’s Outlook for Axis Bank for the week (May 30, 2016 – June 03, 2016):

AXIS BANK:

Axis Bank closed the week on positive note gaining around 4.40%.

As we have mentioned last week that strong resistance for the stock lies in the zone of 505 to 515 where the stock has opened gap down on 28-10-2015. If the stock manages to close above these levels then the stock can move to the levels of 530 to 540 from where the stock has sold off in the month of Oct – 2015. During the week the stock manages to hit a high of 525 and close the week around the levels of 512.

Minor support for the stock lies in the zone of 490 to 493. Support for the stock lies in the zone of 460 to 470 where 200 & 500 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 430 to 450 where short term moving averages & 100 Daily SMA is lying.

Resistance for the stock lies in the zone of 530 to 540 from where the stock has sold off in the month of Oct – 2015. If the stock manages to close above these levels then the stock can move to the levels of 550.

Broad range for the stock in the coming week can be 490 – 495 on lower side to 540 – 545 on upper side.