EquityPandit’s Outlook for Axis Bank for the week (April 18, 2016 – April 22, 2016):

AXIS BANK:

Axis Bank closed the week on positive note gaining around 4.50%.

As we have mentioned last week that support for the stock lies in the zone of 405 to 410 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 390 to 400 where the stock had a gap up opening on 02-03-2016. During the week the stock manages to hit a low of 417 and close the week around the levels of 440.

Minor support for the stock lies in the zone of 425 to 430 where 100 Daily SMA is lying. Support for the stock lies in the zone of 412 to 417 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 390 to 400 where the stock had a gap up opening on 02-03-2016.

Resistance for the stock lies in the zone of 460 to 465 where 500 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 480 where 200 Daily SMA is lying.

Broad range for the stock in the coming week can be 420 – 425 on lower side to 455 – 460 on upper side.