EquityPandit’s Outlook for Axis Bank for the week (January 30, 2017 – February 03, 2017) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 4.90%.

As we have mentioned last week that resistance for the stock lies in the zone of 460 to 465 where the stock has opened gap down on sub-due quarterly results. Resistance for the stock lies in the zone of 480 to 485 where the stock has formed a top in the month of December-2016. If the stock manages to close above these levels then the stock can move to the levels of 500 to 505 where 200 Daily SMA is lying. During the week the stock manages to hit a high of 479 and close the week around the levels of 473.

Minor support for the stock lies in the zone of 460 to 463. Support for the stock lies in the zone of 440 to 445 where the stock has formed a short term bottom. If the stock manages to close below these levels then the stock can drift to the levels of 425 to 430 where the stock has formed a double bottom pattern.

Resistance for the stock lies in the zone of 479 to 482 where the stock has formed a gap on gap down opening on sub due quarterly results. If the stock manages to close above these levels then the stock can move to the levels of 505 to 510 where 200 Daily SMA is lying.

Broad range for the stock in the coming week can be 450 – 455 on lower side to 495 – 500 on upper side.