EquityPandit’s Outlook for Axis Bank for the week (February 27, 2017 – March 03, 2017) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 8.00%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 490 to 492. Resistance for the stock lies in the zone of 510 to 515 where the stock has formed a top in the month of November-2016 and 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 534 to 536 where Fibonacci level is lying. During the week the stock manages to hit a high of 530 and close the week around the levels of 528.

Minor support for the stock lies in the zone of 510 to 515. Support for the stock lies in the zone of 495 to 500 from where the stock has broken out on intraday basis. If the stock manages to close below these levels then the stock can drift to the levels of 465 to 470 where the stock has taken multiple support and also Fibonacci levels are lying.

Resistance for the stock lies in the zone of 534 to 536 where Fibonacci level is lying. If the stock manages to close above these levels then the stock can move to the levels of 545 to 550 from where the stock sold off in the month of October-2016.

Broad range for the stock in the coming week can be 500 – 505 on lower side & 545 – 550 on upper side.