EquityPandit’s Outlook for Axis Bank for the week (March 14, 2017 – March 17, 2017) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 0.60%.

As we have mentioned last week that minor support for the stock lies in the zone of 510 to 515. Support for the stock lies in the zone of 498 to 502 from where the stock has broken out on daily basis. If the stock manages to close below these levels then the stock can drift to the levels of 475 to 480 where the stock has taken multiple support and short term moving averages are lying. During the week the stock manages to hit a low of 500 and close the week around the levels of 516.

Minor support for the stock lies in the zone of 510 to 515. Support for the stock lies in the zone of 498 to 502 from where the stock has broken out on daily basis. If the stock manages to close below these levels then the stock can drift to the levels of 475 to 480 where the stock has taken multiple support and short term moving averages are lying.

Minor resistance for the stock lies in the zone of 520 to 525. Resistance for the stock lies in the zone of 534 to 536 where Fibonacci level is lying. If the stock manages to close above these levels then the stock can move to the levels of 545 to 550 from where the stock sold off in the month of October-2016.

Broad range for the stock in the coming week can be 495 – 500 on lower side & 530 – 535 on upper side.