EquityPandit’s Outlook for Axis Bank for the week  (Oct 22, 2018 – Oct 26, 2018) : 

AXIS BANK:

Axis Bank closed the week on negative note losing around 3.80%.

As we have mentioned last week, that minor support for the stock lies around 570 to 575. 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. During the week the stock manages to hit a low of 555 and close the week around the levels of 563.

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 575 to 580. Resistance for the stock lies in the zone of 595 to 600 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 610 to 620 where Fibonacci levels and short term moving averages are lying.

Broad range for the stock in the coming week can be 530– 540 on lower side & 600 – 610 on upper side.