EquityPandit’s Outlook for Axis Bank for the week  (Aug 21, 2017 – Aug 25, 2017) :

AXIS BANK:

Axis Bank closed the week on absolutely flat note.

As we have mentioned last week, that resistance for the stock lies in the zone of 492 to 495 where 200 daily moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 503 to 508 where short & medium term moving averages are lying. During the week the stock manages to hit a high of 503 and close the week around the levels of 490.

Support for the stock lies in the zone of 480 to 485 where the stock has taken multiple support in the month of March-2017 and April-2017. If the stock manages to close below these levels then the stock can drift to the levels of 464 to 466 where Fibonacci levels and trend-line support for the stock is lying.

Resistance for the stock lies in the zone of 492 to 495 where 200 daily moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 503 to 508 where short & medium term moving averages are lying.

Broad range for the stock in the coming week can be 470– 475 on lower side & 505 – 510 on upper side.