EquityPandit’s Outlook for Axis Bank for the week  (June 12, 2017 – June 16, 2017) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 1.10%.

As we have mentioned last week that support for the stock lies in the zone of 500 to 505 where short 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 support and medium term moving averages are lying. During the week the stock manages to hit a low of 506 and close the week around the levels of 514.

Support for the stock lies in the zone of 502 to 506 where short 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 support.

Minor resistance for the stock lies in the zone of 515 to 517. 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 & 530 – 535 on upper side.