EquityPandit’s Outlook for Axis Bank for the week  (Feb 19, 2018 – Feb 23, 2018) : 

AXIS BANK:

Axis Bank closed the week on negative note losing around 3.50%.

As we have mentioned last week, that support for the stock lies in the zone of 550 to 555 where the stock has taken multiple support in the month of January-2018. If the stock manages to close below these levels then the stock can drift to the levels of 530 to 535 where Fibonacci levels and medium term moving averages are lying. During the week the stock manages to hit a low of 531 and close the week around the levels of 538.

Support for the stock lies in the zone of 525 to 535 where Fibonacci levels and long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 495 to 500 where trend-line support for the stock is lying.

Minor resistance for the stock lies in the zone of 550 to 555. Resistance for the stock lies in the zone of 570 to 580 where break down levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 585 to 590 from where the stock broke down after consolidation.

Broad range for the stock in the coming week can be 500– 505 on lower side & 550 – 555 on upper side.