EquityPandit’s Outlook for Axis Bank for the week (February 15, 2016 – February 19, 2016):

AXIS BANK:

Axis Bank closed the week on negative note losing around 2.10%.

As we have mentioned last week that support for the stock lies in the zone of 365 to 375 where the stock has formed a double bottom. If the stock closes below this levels then the stock can drift to the levels of 340 to 350 where 1000 Daily SMA and 200 Weekly SMA are lying. During the week the stock manages to hit a low of 373 and bounce to close the week around the levels of 391.

Support for the stock lies in the zone of 365 to 375 where the stock has formed a double bottom. If the stock closes below this levels then the stock can drift to the levels of 340 to 350 where 1000 Daily SMA and 200 Weekly SMA are lying.

Resistance for the stock lies in the zone of 410 to 415 where trend-line joining recent highs is lying. If the stock manages to close above this levels then the stock can move to the levels of 430 to 435 where the gap has been created by the stock on 07/01/2016.

Broad range for the stock in the coming week can be 370 – 375 on lower side to 410 – 415 on upper side.