EquityPandit’s Outlook for Axis Bank for the week  (July 16, 2018 – July 20, 2018) : 

AXIS BANK:

Axis Bank closed the week on positive note gaining around 1.80%.

As we have mentioned last week, that resistance for the stock lies in the zone of 520 to 525 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 540 to 545 where Fibonacci levels are lying. During the week the stock manages to hit a high of 546 and close the week around the levels of 523.

Support for the stock lies in the zone of 500 to 505 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 480 to 485 where the stock has taken support in the month of April-2018.

Resistance 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 above these levels then the stock can move to the levels of 540 to 545 where Fibonacci levels are lying.

Broad range for the stock in the coming week can be 490– 500 on lower side & 540 – 545 on upper side.