EquityPandit’s Outlook for Axis Bank for the week  (Oct 29, 2018 – Nov 02, 2018) : 

AXIS BANK:

Axis Bank closed the week on negative note losing around 4.40%.

As we have mentioned last week, that 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. During the week the stock manages to hit a high of 577 and close the week around the levels of 537.

Support for the stock lies in the zone of 520 to 530 where trend-line support for the stock is lying. If the stock manages to close below these levels then the stock can drift to the levels of 500 to 510 where the stock has taken support in the month of July-2018.

Minor resistance for the stock lies around 545 to 550. Resistance for the stock lies in the zone of 565 to 575 where Fibonacci levels and medium term moving are lying. If the stock manages to close above these levels then the stock can move to the levels of 595 to 600 where Fibonacci levels are lying.

Broad range for the stock in the coming week can be 500– 510 on lower side & 560 – 570 on upper side.