EquityPandit’s Outlook for Axis Bank for the week  ( Jan 01, 2018 – Jan 05, 2018) : 

AXIS BANK:

Axis Bank closed the week on positive note gaining around 1.90%.

As we have mentioned last week, that 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. During the week the stock manages to hit a low of 544 and close the week around the levels of 564.

Minor support for the stock lies in the zone of 548 to 552. 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 535– 540 on lower side & 580 – 585 on upper side.