EquityPandit’s Outlook for Axis Bank for the week (July 18, 2016 – July 22, 2016):

AXIS BANK:

Axis Bank closed the week on positive note gaining around 3.40%.

As we have mentioned last week that resistance for the stock lies in the zone of 550 where the stock has formed a short term top. If the stock manages to close above these levels then the stock can move to the levels of 575 to 580. During the week the stock manages to hit a high of 570 and close the week around the levels of 565.

Minor support for the stock lies in the zone of 548 to 550. Support for the stock lies in the zone of 530 to 535 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 500 to 505 where medium term moving averages are lying.

Resistance for the stock lies in the zone of 580 to 590 from where the stock has sold off in the month of August – 2015. If the stock manages to close above these levels then the stock can move to the levels of 615 to 620.

Broad range for the stock in the coming week can be 525 – 530 on lower side to 590 – 595 on upper side.