EquityPandit’s Outlook for Axis Bank for the week (July 25, 2016 – July 29, 2016):

AXIS BANK:

Axis Bank closed the week on negative note losing around 4.80%.

As we have mentioned last week that minor support for the stock lies in the zone of 548 to 550. Support for the stock lies in the zone of 530 to 535 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 500 to 505 where medium term moving averages are lying. During the week the stock manages to hit a low of 533 and close the week around the levels of 538.

Support for the stock lies in the zone of 525 to 530 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 500 to 505 where medium term moving averages are lying.

Minor resistance for the stock lies in the zone of 550 to 555. Resistance for the stock lies in the zone of 580 to 590 from where the stock has sold off in the month of August – 2015. If the stock manages to close above these levels then the stock can move to the levels of 615 to 620.

Broad range for the stock in the coming week can be 510 – 515 on lower side to 555 – 560 on upper side.