EquityPandit’s Outlook for Axis Bank for the week  (July 31, 2017 – Aug 04, 2017) :

AXIS BANK:

Axis Bank closed the week on negative note losing around 4.70%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 512 and close the week around the levels of 515.

Support for the stock lies in the zone of 508 to 512 where short & medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 490 to 495 where 200 daily moving averages are lying.

Resistance for the stock lies in the zone of 525 to 530. 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 495– 500 on lower side & 535 – 540 on upper side.