EquityPandit’s Outlook for Axis Bank for the week  (Aug 27, 2018 – Aug 31, 2018) : 

AXIS BANK:

Axis Bank closed the week on positive note gaining around 2.00%.

As we have mentioned last week, that resistance for the stock lies in the zone of 625 to 635 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. During the week the stock manages to hit a high of 645 and close the week around the levels of 640.

Minor support for the stock lies around 620 to 630. Support for the stock lies in the zone of 580 to 590 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 650 to 660 where life time high for the stock is lying. If the stock manages to close above these levels then the stock can move to the levels of 670 to 680.

Broad range for the stock in the coming week can be 600– 610 on lower side & 660 – 670 on upper side.