EquityPandit’s Outlook for Axis Bank for the week  (Sep 18, 2017 – Sep 22, 2017) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 4.50%.

As we have mentioned last week, that 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. During the week the stock manages to hit a low of 493 and close the week around the levels of 516.

Support for the stock lies in the zone of 505 to 508 where short & medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 492 to 495 where 200 Daily Moving averages are lying.

Resistance for the stock lies in the zone of 517 to 520 from where the stock has sold off. If the stock manages to close above these levels then the stock can move to the levels of 530 to 535 where Fibonacci levels are lying.

Broad range for the stock in the coming week can be 490– 495 on lower side & 530 – 535 on upper side.