EquityPandit’s Outlook for Axis Bank for the week  (Aug 06, 2018 – Aug 10, 2018) : 

AXIS BANK:

Axis Bank closed the week on positive note gaining around 4.00%.

As we have mentioned last week, that 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. During the week the stock manages to hit a low of 538 and close the week around the levels of 575.

Minor support for the stock lies around 560 to 565. 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 575 to 580 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 595 to 600 where trend-line joining earlier high is lying.

Broad range for the stock in the coming week can be 550– 555 on lower side & 595 – 600 on upper side.