EquityPandit’s Outlook for Axis Bank for the week  (Jan 22, 2018 – Jan 25, 2018) : 

AXIS BANK:

Axis Bank closed the week on positive note gaining around 6.30%.

As we have mentioned last week, that resistance for the stock lies in the zone of 560 to 565 where the stock has formed a double top pattern. If the stock manages to close above these levels then the stock can move to the levels of 580 to 585. During the week the stock manages to hit a high of 597 and close the week around the levels of 590.

Support for the stock lies in the zone of 568 to 573 from where the stock broke out of November-2017 and December-2017 high. If the stock manages to close below these levels then the stock can drift to the levels of 550 to 555 where short term moving averages are lying.

Resistance for the stock lies in the zone of 600 to 605. If the stock manages to close above these levels then the stock can move to the levels of 620 to 625 where trend-line joining earlier high is lying.

Broad range for the stock in the coming week can be 560– 565 on lower side & 625 – 630 on upper side.