EquityPandit’s Outlook for Axis Bank for the week  (May 28, 2018 – June 01, 2018) : 

AXIS BANK:

Axis Bank closed the week on positive note gaining around 1.00%.

As we have mentioned last week, that resistance for the stock lies in the zone of 540 to 545 where Fibonacci levels and short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 555 to 560 where Fibonacci levels are lying. During the week the index manages to hit a high of 544 and close the week around the levels of 538.

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 500 to 505 where trend-line support for the stock is lying.

Resistance for the stock lies in the zone of 540 to 545 where Fibonacci levels and medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 555 to 560 where Fibonacci levels are lying.

Broad range for the stock in the coming week can be 505– 510 on lower side & 550 – 555 on upper side.