EquityPandit’s Outlook for Axis Bank for the week (December 21, 2015 – December 24, 2015):

AXIS BANK:

Axis Bank closed the week on negative note losing around 2.0%.

As we have mentioned last week that resistance for the stock lies in the zone of 445 to 450 from where the stock has broken down the descending triangle pattern. If the stock closes above this levels then the stock can move to the levels of 460 to 465. During the week the stock manages to hit a high of 443.65 and retraced to close the around the levels of 432.

The stock has close below the strong support zone of 440 to 445 where 500 Daily SMA and 100 Weekly SMA are positioned. If the stock does not sustain above this levels then the stock can drift to the levels of 425 from where the stock has broken out in the month of October – 2014.

Resistance for the stock lies in the zone of 445 to 450 from where the stock has broken down the descending triangle pattern. If the stock closes above this levels then the stock can move to the levels of 460 to 465.

The stock has formed a Inverted Hammer pattern on weekly charts in a downtrend indicating the exhaustion in selling pressure.

Broad range for the stock in the coming week can be 420 – 425 on lower side to 450 – 455 on upper side.