EquityPandit’s Outlook for Axis Bank for the week  (Nov 06, 2017 – Nov 10, 2017) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 11.10%.

As we have mentioned last week, that resistance for the stock lies in the zone of 480 to 490 from where the stock broke down after 8 months of consolidation. If the stock manages to close above these levels then the stock can move to the levels of 500 to 510 where short, medium and long term moving averages are lying. During the week the stock manages to hit a high of 546 and close the week around the levels of 540.

Minor support for the stock lies in the zone of 530 to 535. Support for the stock lies in the zone of 520 to 525 where break out levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 500 to 505 where short, medium and 200 daily moving averages are lying.

Resistance for the stock lies in the zone of 545 to 550 where the stock had formed a top in the month of July-2017. If the stock manages to close above these levels then the stock can move to the levels of 580 to 585.

Broad range for the stock in the coming week can be 500– 505 on lower side & 580 – 585 on upper side.