EquityPandit’s Outlook for Axis Bank for the week (January 09, 2017 – January 13, 2017) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 1.20%.

As we have mentioned last week that resistance for the stock lies in the zone of 460 to 465 from where the stock has broken down on intraday basis. If the stock manages to close above these levels then the stock can move to the levels of 480 to 485 where the stock has formed a top in the month of December-2016. During the week the stock manages to hit a high of 464 and close the week around the levels of 455.

Minor support for the stock lies in the zone of 448 to 450 from where the stock broke out on intraday basis. Support for the stock lies in the zone of 438 to 440 where the stock has managed to take support on intraday basis. If the stock manages to close below these levels then the stock can drift to the levels of 422 to 425 where the stock has formed a bottom in the month of December-2016.

Resistance for the stock lies in the zone of 460 to 465 from where the stock has broken down on intraday basis. If the stock manages to close above these levels then the stock can move to the levels of 480 to 485 where the stock has formed a top in the month of December-2016.

Broad range for the stock in the coming week can be 430 – 435 on lower side to 470 – 475 on upper side.