EquityPandit’s Outlook for Axis Bank for the week (December 28, 2015 – January 01, 2016):

AXIS BANK:

Axis Bank closed the week on positive note gaining around 4.20%.

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 455 and close the week around the levels of 450.

The stock has close below the strong support zone of 440 where 500 Daily SMA is positioned. If the stock closes below 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 450 to 455 from where the stock has broken down the descending triangle pattern and 100 Weekly SMA are lying.. If the stock closes above this levels then the stock can move to the levels of 470.

Broad range for the stock in the coming week can be 435 – 440 on lower side to 460 – 465 on upper side.