EquityPandit’s Outlook for Axis Bank for the week  (July 03, 2017 – July 07, 2017) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 2.50%.

As we have mentioned last week that support for the stock lies in the zone of 502 to 506 where medium term and 200 Daily moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 485 to 490 where the stock has taken multiple supports. During the week the stock manages to hit a low of 484 and close the week around the levels of 517.

Minor support for the stock lies in the zone of 509 to 511. Support for the stock lies in the zone of 502 to 506 where medium term and 200 Daily moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 485 to 490 where the stock has taken multiple supports.

Resistance for the stock lies in the zone of 525 to 530 where the stock has formed a top in the month of February-2017 and March-2017. If the stock manages to close above these levels then the stock can move to the levels of 535 to 540 where Fibonacci levels are lying.

Broad range for the stock in the coming week can be 490– 495 on lower side & 540 – 545 on upper side.