EquityPandit’s Outlook for Axis Bank for the week  (Aug 14, 2017 – Aug 18, 2017) :

AXIS BANK:

Axis Bank closed the week on negative note losing around 3.60%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 512 and close the week around the levels of 490.

Support for the stock lies in the zone of 480 to 485 where the stock has taken multiple support in the month of March-2017 and April-2017. If the stock manages to close below these levels then the stock can drift to the levels of 464 to 466 where Fibonacci levels and trend-line support for the stock is lying.

Resistance for the stock lies in the zone of 492 to 495 where 200 daily moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 503 to 508 where short & medium term moving averages are lying.

Broad range for the stock in the coming week can be 460– 465 on lower side & 505 – 510 on upper side.