EquityPandit’s Outlook for Axis Bank for the week  (Jan 14, 2019 – Jan 18, 2019) : 

AXIS BANK:

Axis Bank closed the week on positive note gaining around 6.60%.

As we have mentioned last week, that minor resistance for the stock lies in the zone of 625 to 630. Resistance for the stock lies in the zone of 640 to 645 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 650 to 660 from where the stock has broken down. During the week the stock manages to hit a high of 672 and close the week around the levels of 661.

Support for the stock lies in the zone of 645 to 655 from where the stock broke out of December-2018 high. If the stock manages to close below these levels then the stock can drift to the levels of 620 to 630 where Fibonacci levels and short term moving averages are lying.

Resistance for the stock lies in the zone of 675 to 685 where the stock has formed a high in the month of September-2018. If the stock manages to close above these levels then the stock can move to the levels of 700 to 710.

Broad range for the stock in the coming week can be 620– 630 on lower side & 685 – 695 on upper side.