EquityPandit’s Outlook for Axis Bank for the week  (Aug 13, 2018 – Aug 17, 2018) : 

AXIS BANK:

Axis Bank closed the week on positive note gaining around 7.00%.

As we have mentioned last week, that 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. During the week the stock manages to hit a high of 625 and close the week around the levels of 615.

Minor support for the stock lies around 590 to 600. Support for the stock lies in the zone of 570 to 580 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 550 to 560 where Fibonacci levels are lying.

Resistance for the stock lies in the zone of 620 to 630 where trend-line joining earlier high and high for the month of January-2018 are lying. If the stock manages to close above these levels then the stock can move to the levels of 650 to 660 where life time high for the stock is lying.

Broad range for the stock in the coming week can be 570– 580 on lower side & 640 – 650 on upper side.