EquityPandit’s Outlook for Axis Bank for the week (January 02, 2017 – January 06, 2017) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 2.70%.

As we have mentioned last week that support for the stock lies in the zone of 430 to 435. If the stock manages to close below these levels then the stock can drift to the levels of 410 to 420 from where the stock has bounced in the month of April-2016. During the week the stock manages to hit a low of 427 and close the week around the levels of 450.

Support for the stock lies in the zone of 430 to 435. If the stock manages to close below these levels then the stock can drift to the levels of 410 to 420 from where the stock has bounced in the month of April-2016.

Resistance for the stock lies in the zone of 460 to 465 from where the stock has broken down on intraday basis. If the stock manages to close above these levels then the stock can move to the levels of 480 to 485 where the stock has formed a top in the month of December-2016.

Broad range for the stock in the coming week can be 427 – 430 on lower side to 470 – 475 on upper side.