EquityPandit’s Outlook for Axis Bank for the week  (Oct 16, 2017 – Oct 19, 2017) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 5.20%.

As we have mentioned last week, that support for the stock lies in the zone of 495 to 500 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 485 to 490 where the stock has taken multiple support. During the week the stock manages to hit a low of 501 and close the week around the levels of 529.

Minor support for the stock lies in the zone of 520 to 525. 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 495 to 500 where 200 Daily Moving averages are lying.

Resistance for the stock lies in the zone of 535 to 540 where long term Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 547 to 550 where the stock has formed a top in the month of July-2017.

Broad range for the stock in the coming week can be 510– 515 on lower side & 550 – 555 on upper side.