EquityPandit’s Outlook for Axis Bank for the week  (May 02, 2017 – May 05, 2017) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 4.80%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 495 to 500. Resistance for the stock lies in the zone of 513 to 518 where 200 Daily MA is lying. If the stock manages to close above these levels then the stock can move to the levels of 525 to 530 where top for the month of February-2017 and March-2017 is lying. During the week the stock manages to hit a high of 525 and close the week around the levels of 510.

Minor support for the stock lies in the zone of 495 to 500. Support for the stock lies in the zone of 478 to 480 where the stock has taken multiple support and medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 460 to 462 where Fibonacci level is lying.

Resistance for the stock lies in the zone of 513 to 518 where 200 Daily MA is lying. If the stock manages to close above these levels then the stock can move to the levels of 525 to 530 where top for the month of February-2017 and March-2017 is lying.

Broad range for the stock in the coming week can be 480 – 485 on lower side & 525 – 530 on upper side.