EquityPandit’s Outlook for Axis Bank for the week  (Aug 07, 2017 – Aug 11, 2017) :

AXIS BANK:

Axis Bank closed the week on negative note losing around 1.40%.

As we have mentioned last week that resistance for the stock lies in the zone of 525 to 530. If the stock manages to close above these levels then the stock can move to the levels of 535 to 540 where Fibonacci levels are lying. During the week the stock manages to hit a high of 524 and close the week around the levels of 508.

Support for the stock lies in the zone of 498 to 500 where low for the month of July-2017 is lying. If the stock manages to close below these levels then the stock can drift to the levels of 490 to 495 where 200 daily moving averages are lying.

Minor resistance for the stock lies in the zone of 510 to 514. Resistance for the stock lies in the zone of 525 to 530 from where the stock broke down on intraday basis. If the stock manages to close above these levels then the stock can move to the levels of 535 to 540 where Fibonacci levels are lying.

Broad range for the stock in the coming week can be 490– 495 on lower side & 535 – 540 on upper side.