EquityPandit’s Outlook for Axis Bank for the week  (Aug 28, 2017 – Sep 01, 2017) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 3.30%.

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 510 and close the week around the levels of 507.

Minor support for the stock lies in the zone of 498 to 501. Support for the stock lies in the zone of 492 to 495 where 200 Daily Moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 482 to 485 where the stock has formed a short term bottom.

Resistance for the stock lies in the zone of 503 to 508 where short & medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 517 to 520 from where the stock has sold off.

Broad range for the stock in the coming week can be 485– 490 on lower side & 515 – 520 on upper side.