EquityPandit’s Outlook for Axis Bank for the week  (May 15, 2017 – May 19, 2017) :

AXIS BANK:

Axis Bank closed the week on negative note losing around 0.30%.

As we have mentioned last week that resistance for the stock lies in the zone of 513 to 516 where 200 Daily MA is lying. If the stock manages to close above these levels then the stock can move to the levels of 525 to 530 where the stock has formed a top in the month of February-2017 and March-2017. During the week the stock manages to hit a high of 535 and close the week around the levels of 503.

Minor support for the stock lies in the zone of 495 to 500. Support for the stock lies in the zone of 485 to 488 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 510 to 513 where 200 Daily MA is lying. If the stock manages to close above these levels then the stock can move to the levels of 525 to 530 where the stock has formed a top in the month of February-2017 and March-2017.

Broad range for the stock in the coming week can be 480– 485 on lower side & 520 – 525 on upper side.