EquityPandit’s Outlook for Axis Bank for the week (May 16, 2016 – May 20, 2016):

AXIS BANK:

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

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 507 and close the week around the levels of 490.

Support for the stock lies in the zone of 460 to 470 where 200 & 500 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 430 to 450 where short term moving averages & 100 Daily SMA is lying.

Strong resistance for the stock lies in the zone of 505 to 515 where the stock has opened gap down on 28-10-2015. If the stock manages to close above these levels then the stock can move to the levels of 530 to 540 from where the stock has sold off in the month of Oct – 2015.

Broad range for the stock in the coming week can be 460 – 465 on lower side to 510 – 515 on upper side.