EquityPandit’s Outlook for Axis Bank for the week  (May 14, 2018 – May 18, 2018) : 

AXIS BANK:

Axis Bank closed the week on positive note gaining around 6.30%.

As we have mentioned last week, that support for the stock lies in the zone of 520 to 525 where Fibonacci levels and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 490 to 500 where trend-line support for the stock is lying. During the week the stock manages to hit a low of 523 and close the week around the levels of 553.

Support for the stock lies in the zone of 535 to 540 where Fibonacci levels 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 515 to 520 where break out levels are lying.

Resistance for the stock lies in the zone of 572 to 577 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 585 to 590 from where the stock broke down after consolidation.

Broad range for the stock in the coming week can be 525– 530 on lower side & 570 – 575 on upper side.