EquityPandit’s Outlook for Axis Bank for the week  (Dec 10, 2018 – Dec 14, 2018) : 

AXIS BANK:

Axis Bank closed the week on negative note losing around 3.50%.

As we have mentioned last week, that support for the stock lies in the zone of 600 to 610 where Fibonacci levels and short & medium term moving are lying. If the stock manages to close below these levels then the stock can drift to the levels of 580 to 590 where Fibonacci levels are lying. During the week the stock manages to hit a low of 592 and close the week around the levels of 604.

Support for the stock lies in the zone of 590 to 600 where Fibonacci levels and short & medium term moving are lying. If the stock manages to close below these levels then the stock can drift to the levels of 570 to 580 where Fibonacci levels are lying.

Minor resistance for the stock lies in the zone of 615 to 620. Resistance for the stock lies in the zone of 635 to 645 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 660 from where the stock has broken down.

Broad range for the stock in the coming week can be 570– 580 on lower side & 630 – 640 on upper side.