EquityPandit’s Outlook for Axis Bank for the week (November 07, 2016 – November 11, 2016) :

AXIS BANK:

Axis Bank closed the week on negative note losing around 1.80%.

As we have mentioned last week that the stock has closed just below the 200 Daily SMA lying around the levels of 493 to 498. Minor support for the stock lies in the zone of 475 to 480. Support for the stock lies in the zone of 455 to 460 from where the stock has bounced in the month of May – 2016. If the stock closes below these levels then the stock can drift to the levels of 420 to 430. During the week the stock manages to hit a low of 468 and close the week around the levels of 479.

Minor support for the stock lies in the zone of 475 to 480. Support for the stock lies in the zone of 455 to 460 from where the stock has bounced in the month of May – 2016. If the stock closes below these levels then the stock can drift to the levels of 420 to 430.

Resistance for the stock lies in the zone of 500 to 510 where the stock has opened gap down on back of weak quarterly results and 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 530 to 540 where short term and medium term moving averages are lying.

Broad range for the stock in the coming week can be 460 – 465 on lower side to 500 – 505 on upper side.