EquityPandit’s Outlook for Axis Bank for the week  (Jan 29, 2018 – Feb 02, 2018) : 

AXIS BANK:

Axis Bank closed the week on positive note gaining around 4.70%.

As we have mentioned last week, that 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. During the week the stock manages to hit a high of 628 and close the week around the levels of 618.

Minor support for the stock lies in the zone of 600 to 605. Support for the stock lies in the zone of 570 to 575 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 620 to 625 where trend-line joining earlier high is lying. If the stock manages to close above these levels then the stock can move to the levels of 650 to 655 where life time high for the stock is lying.

Broad range for the stock in the coming week can be 570– 575 on lower side & 645 – 650 on upper side.