EquityPandit’s Outlook for Axis Bank for the week  (Mar 12, 2018 – Mar 16, 2018) : 

AXIS BANK:

Axis Bank closed the week on negative note losing around 3.90%.

As we have mentioned last week, that support for the stock lies in the zone of 525 to 530 where Fibonacci levels and long 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 trend-line support for the stock is lying. During the week the stock manages to hit a low of 503 and close the week around the levels of 505.

Support for the stock lies in the zone of 495 to 500 where trend-line support for the stock is lying. If the stock manages to close below these levels then the stock can drift to the levels of 470 to 475 where long term Fibonacci levels are lying.

Minor resistance for the stock lies in the zone of 520 to 525. Resistance for the stock lies in the zone of 535 to 540 where Fibonacci levels and medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 555 to 560 from where the stock has broken down and short term moving averages are lying.

Broad range for the stock in the coming week can be 480– 485 on lower side & 535 – 540 on upper side.