EquityPandit’s Outlook for Axis Bank for the week (October 17, 2016 – October 21, 2016) :

AXIS BANK:

Axis Bank closed the week on negative note losing around 2.50%.

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 510 to 515 where long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 485 to 490 from where the stock has bounced in the month of June – 2016 and 200 Daily SMA is lying. During the week the stock manages to hit a low of 513 and close the week around the levels of 521.

Support for the stock lies in the zone of 510 to 515 where long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 485 to 490 from where the stock has bounced in the month of June – 2016 and 200 Daily SMA is lying.

Minor resistance for the stock lies in the zone of 530 to 535. Resistance for the stock lies in the zone of 545 to 550 where medium term moving averages are lying. Resistance for the stock lies in the zone of 560 to 565 where short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 610 to 615.

Broad range for the stock in the coming week can be 500 – 505 on lower side to 540 – 545 on upper side.