EquityPandit’s Outlook for Axis Bank for the week (June 27, 2016 – July 01, 2016):

AXIS BANK:

Axis Bank closed the week on negative note losing around 3.10%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 493 and close the week around the levels of 510.

Support for the stock lies in the zone of 480 to 490 where medium 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 475 – 480 on lower side to 530 – 535 on upper side.