EquityPandit’s Outlook for Axis Bank for the week (June 06, 2016 – June 10, 2016):

AXIS BANK:

Axis Bank closed the week on positive note gaining around 5.90%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 545 and close the week around the levels of 543.

Minor support for the stock lies in the zone of 500 to 505. Support for the stock lies in the zone of 480 to 485 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 450 to 460 where 200 Daily SMA is lying.

Minor resistance for the stock lies in the zone of 550. Resistance for the stock lies in the zone of 580 to 590 from where the stock has sold off in the month of July – August 2015.

Broad range for the stock in the coming week can be 500 – 510 on lower side to 560 – 565 on upper side.