EquityPandit’s Outlook for Axis Bank for the week (December 05, 2016 – December 09, 2016) :

AXIS BANK:

Axis Bank closed the week on negative note losing around 2.40%.

As we have mentioned last week that minor support for the stock lies in the zone of 468 to 470. 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 458 and close the week around the levels of 460.

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.

Minor resistance for the stock lies in the zone of 475 to 480. Resistance for the stock lies in the zone of 500 to 510 where the highs of November-2016 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 from where the stock has sold off in the month of October-2016.

Broad range for the stock in the coming week can be 440 – 445 on lower side to 480 – 485 on upper side.