EquityPandit’s Outlook for Axis Bank for the week  (May 07, 2018 – May 11, 2018) : 

AXIS BANK:

Axis Bank closed the week on negative note losing around 3.50%.

As we have mentioned last week, that resistance for the stock lies in the zone of 545 to 550 from where the stock has broken down 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 560 to 565 where Fibonacci levels are lying. During the week the stock manages to hit a high of 539 and close the week around the levels of 520.

Support for the stock lies in the zone of 520 to 525 where Fibonacci levels 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 490 to 500 where trend-line support for the stock is lying.

Resistance for the stock lies in the zone of 540 to 550 from where the stock has broken down 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 560 to 565 where Fibonacci levels are lying.

Broad range for the stock in the coming week can be 500– 505 on lower side & 540 – 545 on upper side.