EquityPandit’s Outlook for Axis Bank for the week  (July 23, 2018 – July 27, 2018) : 

AXIS BANK:

Axis Bank closed the week on positive note gaining around 2.10%.

As we have mentioned last week, that 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. During the week the stock manages to hit a high of 543 and close the week around the levels of 534.

Minor support for the stock lies around 520 to 525. 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 540 to 545 where Fibonacci levels and long 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 where high for the month of May-2018 and June-2018 is lying.

Broad range for the stock in the coming week can be 500– 510 on lower side & 550 – 560 on upper side.