EquityPandit’s Outlook for Axis Bank for the week  (Dec 11, 2017 – Dec 15, 2017) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 1.50%.

As we have mentioned last week, that resistance for the stock lies in the zone of 545 to 550 where break down levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 560 to 565 where the stock has formed a double top pattern. During the week the stock manages to hit a high of 545 and close the week around the levels of 542.

Minor support for the stock lies in the zone of 533 to 538. Support for the stock lies in the zone of 510 to 515 where short, medium and 200 daily moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 480 to 485 where the stock has opened gap up.

Resistance for the stock lies in the zone of 545 to 550 where break down levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 560 to 565 where the stock has formed a double top pattern.

Broad range for the stock in the coming week can be 505– 510 on lower side & 570 – 575 on upper side.