EquityPandit’s Outlook for Axis Bank for the week (March 21, 2016 – March 23, 2016):

AXIS BANK:

Axis Bank closed the week on positive note gaining around 5.80%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 437 and close the week around the levels of 437.

Minor support for the stock lies in the zone of 420. 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.

Resistance for the stock lies in the zone of 460 where 500 Daily SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 480 where 200 Daily SMA is lying.

Broad range for the stock in the coming week can be 415 – 420 on lower side to 455 – 460 on upper side.