EquityPandit’s Outlook for Axis Bank for the week (March 14, 2016 – March 18, 2016):

AXIS BANK:

Axis Bank closed the week on negative note losing around 0.80%.

As we have mentioned last week that support for the stock lies in the zone of 365 to 375 where the stock has formed a double bottom. If the stock closes below this levels then the stock can drift to the levels of 340 to 350 where 1000 Daily SMA and 200 Weekly SMA are lying. During the week the stock manages to hit a low of 374 and bounce to close the week around the levels of 417.

Support for the stock lies in the zone of 390 to 400 where the stock had a gap up opening on 02-03-2016. If the stock manages to close below this levels then the stock can drift to the levels of 365 to 375 where the stock has formed a double bottom.

Minor resistance for the stock lies in the zone of 420. Resistance for the stock lies in the zone of 440 where 100 Daily SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 460 where 500 Daily SMA is lying.

Broad range for the stock in the coming week can be 390 – 400 on lower side to 435 – 440 on upper side.