EquityPandit’s Outlook for Axis Bank for the week (March 27, 2017 – March 31, 2017) :

AXIS BANK:

Axis Bank closed the week on negative note losing around 5.40%.

As we have mentioned last week that minor support for the stock lies in the zone of 510 to 515. Support for the stock lies in the zone of 498 to 502 from where the stock has broken out on daily basis. If the stock manages to close below these levels then the stock can drift to the levels of 475 to 480 where the stock has taken multiple support and short term moving averages are lying. During the week the stock manages to hit a low of 483 and close the week around the levels of 489.

Support for the stock lies in the zone of 478 to 480 where the stock has taken multiple support and medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 460 to 462 where Fibonacci level is lying.

Resistance for the stock lies in the zone of 500 to 505 from where the stock broke down after consolidation. If the stock manages to close above these levels then the stock can move to the levels of 515 to 520 where 200 Daily SMA and top for the month of March-2017 is lying.

Broad range for the stock in the coming week can be 465 – 470 on lower side & 510 – 515 on upper side.