EquityPandit’s Outlook for Axis Bank for the week  (Aug 20, 2018 – Aug 24, 2018) : 

AXIS BANK:

Axis Bank closed the week on positive note gaining around 2.00%.

As we have mentioned last week, that minor support for the stock lies around 590 to 600. Support for the stock lies in the zone of 570 to 580 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 550 to 560 where Fibonacci levels are lying. During the week the stock manages to hit a low of 603 and close the week around the levels of 627.

Minor support for the stock lies around 600 to 605. Support for the stock lies in the zone of 570 to 580 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 550 to 560 where Fibonacci levels are lying.

Resistance for the stock lies in the zone of 625 to 635 where trend-line joining earlier high and high for the month of January-2018 are lying. If the stock manages to close above these levels then the stock can move to the levels of 650 to 660 where life time high for the stock is lying.

Broad range for the stock in the coming week can be 590– 600 on lower side & 650 – 660 on upper side.