EquityPandit’s Outlook for Axis Bank for the week  (July 30, 2018 – Aug 03, 2018) : 

AXIS BANK:

Axis Bank closed the week on positive note gaining around 3.50%.

As we have mentioned last week, that 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. During the week the stock manages to hit a low of 526 and close the week around the levels of 553.

Support 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 below these levels then the stock can drift to the levels of 525 to 530 where Fibonacci levels and short & medium term moving averages are lying.

Resistance for the stock lies in the zone of 555 to 560 where high for the month of May-2018 and June-2018 is lying. If the stock manages to close above these levels then the stock can move to the levels of 575 to 580 where Fibonacci levels are lying.

Broad range for the stock in the coming week can be 530– 535 on lower side & 575 – 580 on upper side.