EquityPandit’s Outlook for Axis Bank for the week (May 09, 2016 – May 13, 2016):

AXIS BANK:

Axis Bank closed the week on negative note losing around 2.30%.

As we have mentioned last week that the stock has closed around the resistance zone of 470 to 480 where 200 & 500 Daily SMA and 100 Weekly SMA are lying. If the stock manages to close above these levels then the stock can move to the levels of 495 where the stock has opened gap down on 28-10-2015. During the week the stock manages to hit a high of 479 and close the week around the levels of 461.

Minor support for the stock lies in the zone of 450. If the stock manages to close below these levels then the stock can drift to the levels of 425 to 430 where 100 Daily SMA is lying.

The stock has closed around the resistance zone of 470 to 480 where 200 & 500 Daily SMA and 100 Weekly SMA are lying. If the stock manages to close above these levels then the stock can move to the levels of 495 where the stock has opened gap down on 28-10-2015.

Broad range for the stock in the coming week can be 440 – 445 on lower side to 475 – 480 on upper side.