EquityPandit’s Outlook for Axis Bank for the week  (Dec 26, 2017 – Dec 29, 2017) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 1.10%.

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 558 and close the week around the levels of 554.

Minor support for the stock lies in the zone of 540 to 545. Support for the stock lies in the zone of 530 to 535 where the stock has taken multiple support and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 510 to 515 where medium and 200 daily moving averages are lying.

Resistance for the stock lies in the zone of 560 to 565 where the stock has formed a double top pattern. 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 525– 530 on lower side & 570 – 575 on upper side.