EquityPandit’s Outlook for Axis Bank for the week (December 26, 2016 – December 30, 2016) :

AXIS BANK:

Axis Bank closed the week on negative note losing around 7.30%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 436 and close the week around the levels of 438.

Support for the stock lies in the zone of 430 to 435. 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.

Minor resistance for the stock lies in the zone of 442 to 445 from where the stock has broken down from the lows of 07/12/2016 and 13/12/2016. Resistance for the stock lies in the zone of 460 to 465. If the stock manages to close above these levels then the stock can move to the levels of 480 to 485 where short term moving averages are lying.

Broad range for the stock in the coming week can be 415 – 420 on lower side to 460 – 465 on upper side.