EquityPandit’s Outlook for Axis Bank for the week  (Nov 12, 2018 – Nov 16, 2018) : 

AXIS BANK:

Axis Bank closed the week on positive note gaining around 0.40%.

As we have mentioned last week, that support for the stock lies in the zone of 595 to 600 where Fibonacci levels and break out levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 575 to 580 where Fibonacci levels and medium term moving averages are lying. During the week the stock manages to hit a low of 600 and close the week around the levels of 613.

Support for the stock lies in the zone of 595 to 600 where Fibonacci levels and short term moving are lying. If the stock manages to close below these levels then the stock can drift to the levels of 575 to 580 where Fibonacci levels and medium term moving averages are lying.

Resistance for the stock lies in the zone of 625 to 630 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 650 to 655 from where the stock has broken down.

Broad range for the stock in the coming week can be 570– 580 on lower side & 650 – 660 on upper side.