EquityPandit’s Outlook for Axis Bank for the week (August 01, 2016 – August 05, 2016):

AXIS BANK:

Axis Bank closed the week on positive note gaining around 1.60%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 559 and close the week around the levels of 546.

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 520 – 525 on lower side to 565 – 570 on upper side.