EquityPandit’s Outlook for Axis Bank for the week  (Apr 16, 2018 – Apr 20, 2018) : 

AXIS BANK:

Axis Bank closed the week on positive note gaining around the levels of 8.60%.

As we have mentioned last week, that minor resistance for the stock lies in the zone of 510 to 515. Resistance for the stock lies in the zone of 525 to 530 where Fibonacci levels and long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 545 to 550 from where the stock has broken down and short & medium term moving averages are lying. During the week the stock manages to hit a high of 556 and close the week around the levels of 543.

Support for the stock lies in the zone of 525 to 530 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 495 to 500 where trend-line support for the stock is lying.

Resistance for the stock lies in the zone of 545 to 550 from where the stock has broken down and medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 560 to 565 where Fibonacci levels are lying.

Broad range for the stock in the coming week can be 520– 525 on lower side & 560 – 565 on upper side.