EquityPandit’s Outlook for Axis Bank for the week  (April 17, 2017 – April 21, 2017) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 0.70%.

As we have mentioned last week that resistance for the stock lies in the zone of 500 to 505 from where the stock broke down after consolidation. If the stock manages to close above these levels then the stock can move to the levels of 515 to 520 where 200 Daily SMA and top for the month of March-2017 is lying. During the week the stock manages to hit a high of 520 and close the week around the levels of 508.

Minor support for the stock lies in the zone of 500 to 503. Support for the stock lies in the zone of 488 to 490. Support for the stock lies in the zone of 478 to 480 where the stock has taken multiple support and medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 460 to 462 where Fibonacci level is lying.

Resistance for the stock lies in the zone of 513 to 518 where 200 Daily MA is lying. If the stock manages to close above these levels then the stock can move to the levels of 525 to 530 where top for the month of February-2017 and March-2017 is lying.

Broad range for the stock in the coming week can be 480 – 485 on lower side & 525 – 530 on upper side.