EquityPandit’s Outlook for Axis Bank for the week (June 20, 2016 – June 24, 2016):

AXIS BANK:

Axis Bank closed the week on negative note losing around 2.60%.

As we have mentioned last week that minor support for the stock lies in the zone of 520 to 525. 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. During the week the stock manages to hit a low of 516 and close the week around the levels of 527.

Support for the stock lies in the zone of 495 to 500 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.

Resistance for the stock lies in the zone of 536 to 538 where the stock has formed a gap on 13/06/2016. If the stock manages to close above these levels then the stock can move to the levels of 550 where the stock has formed a short term top.

Broad range for the stock in the coming week can be 500 – 505 on lower side to 550 – 555 on upper side.