EquityPandit’s Outlook for Axis Bank for the week  (July 24, 2017 – July 28, 2017) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 5.40%.

As we have mentioned last week that minor support for the stock lies in the zone of 508 to 510. Support for the stock lies in the zone of 495 to 500 where 200 Daily moving averages is 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 508 and close the week around the levels of 541.

Minor support for the stock lies in the zone of 536 to 538. Support for the stock lies in the zone of 525 to 530 from where the stock broke out. If the stock manages to close below these levels then the stock can drift to the levels of 510 to 515 where short & medium term moving averages are lying.

The stock has broken out of 6 months of consolidation. Resistance for the stock lies in the zone of 548 to 550. If the stock manages to close above these levels then the stock can move to the levels of 590 to 600.

Broad range for the stock in the coming week can be 515– 520 on lower side & 575 – 580 on upper side.