EquityPandit’s Outlook for Axis Bank for the week (January 23, 2017 – January 27, 2017) :

AXIS BANK:

Axis Bank closed the week on negative note losing around 4.70%.

As we have mentioned last week that support for the stock lies in the zone of 460 to 465 from where the stock broke out. If the stock manages to close below these levels then the stock can drift to the levels of 448 to 450. During the week the stock manages to hit a low of 448 and close the week around the levels of 451.

Support for the stock lies in the zone of 448 to 450 where the stock has formed multiple support on intraday basis. If the stock manages to close below these levels then the stock can drift to the levels of 425 to 430 where the stock has formed a double bottom pattern.

Resistance for the stock lies in the zone of 460 to 465 where the stock has opened gap down on sub-due quarterly results. Resistance for the stock lies in the zone of 480 to 485 where the stock has formed a top in the month of December-2016. If the stock manages to close above these levels then the stock can move to the levels of 500 to 505 where 200 Daily SMA is lying.

Broad range for the stock in the coming week can be 425 – 430 on lower side to 465 – 470 on upper side.