EquityPandit’s Outlook for Axis Bank for the week  (Nov 05, 2018 – Nov 09, 2018) : 

AXIS BANK:

Axis Bank closed the week on positive note gaining around 13.60%.

As we have mentioned last week, that minor resistance for the stock lies around 545 to 550. Resistance for the stock lies in the zone of 565 to 575 where Fibonacci levels and medium term moving are lying. If the stock manages to close above these levels then the stock can move to the levels of 595 to 600 where Fibonacci levels are lying. During the week the stock manages to hit a high of 618 and close the week around the levels of 611.

Support for the stock lies in the zone of 595 to 600 where Fibonacci levels and break out levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 575 to 580 where Fibonacci levels and medium term moving averages are lying.

Resistance for the stock lies in the zone of 625 to 630 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 650 to 655 from where the stock has broken down.

Broad range for the stock in the coming week can be 570– 580 on lower side & 650 – 660 on upper side.