EquityPandit’s Outlook for Axis Bank for the week  (Oct 08, 2018 – Oct 12, 2018) : 

AXIS BANK:

Axis Bank closed the week on negative note losing around 7.40%.

As we have mentioned last week, that 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 and long term moving averages are lying. During the week the stock manages to hit a low of 554 and close the week around the levels of 568.

Support for the stock lies in the zone of 550 to 560 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 520 to 530 where trend-line support for the stock is lying.

Minor resistance for the stock lies around 580 to 590. Resistance for the stock lies in the zone of 620 to 630 from where the stock has broken down after consolidation. If the stock manages to close above these levels then the stock can move to the levels of 650 to 660 from where high for the month of September-2018 is lying.

Broad range for the stock in the coming week can be 520– 530 on lower side & 600 – 610 on upper side.