EquityPandit’s Outlook for Axis Bank for the week  (Dec 04, 2017 – Dec 08, 2017) :

AXIS BANK:

Axis Bank closed the week on negative note losing around 2.10%.

As we have mentioned last week, that minor support for the stock lies in the zone of 533 to 538. Support for the stock lies in the zone of 520 to 525 where break out levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 500 to 505 where short, medium and 200 daily moving averages are lying. During the week the stock manages to hit a low of 532 and close the week around the levels of 534.

Minor support for the stock lies in the zone of 533 to 538. Support for the stock lies in the zone of 510 to 515 where short, medium and 200 daily moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 480 to 485 where the stock has opened gap up.

Resistance for the stock lies in the zone of 545 to 550 where break down levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 560 to 565 where the stock has formed a double top pattern.

Broad range for the stock in the coming week can be 500– 505 on lower side & 560 – 565 on upper side.