EquityPandit’s Outlook for Axis Bank for the week (December 19, 2016 – December 23, 2016) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 3.30%.

As we have mentioned last week that support for the stock lies in the zone of 440 to 445 where the stock has formed a short term bottom. If the stock manages to close below these levels then the stock can drift to the levels of 410 to 420 from where the stock has bounced in the month of April-2016. During the week the stock manages to hit a low of 442 and close the week around the levels of 471.

Minor support for the stock lies in the zone of 458 to 460. Support for the stock lies in the zone of 440 to 445 where the stock has formed a short term bottom. If the stock manages to close below these levels then the stock can drift to the levels of 410 to 420 from where the stock has bounced in the month of April-2016.

Resistance for the stock lies in the zone of 485 to 490 where short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 500 to 510 where 200 Daily SMA and top made in the month of Novemeber-2016 is lying.

Broad range for the stock in the coming week can be 450 – 455 on lower side to 500 – 510 on upper side.