EquityPandit’s Outlook for Axis Bank for the week (November 01, 2016 – November 04, 2016) :

AXIS BANK:

Axis Bank closed the week on negative note losing around 7.50%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 530 to 535. Resistance for the stock lies in the zone of 545 to 550 where medium term moving averages are lying. Resistance for the stock lies in the zone of 560 to 565 where short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 610 to 615. During the week the stock manages to hit a high of 532 and close the week around the levels of 487.

The stock has closed just below the 200 Daily SMA lying around the levels of 493 to 498. Minor support for the stock lies in the zone of 475 to 480. Support for the stock lies in the zone of 455 to 460 from where the stock has bounced in the month of May – 2016. If the stock closes below these levels then the stock can drift to the levels of 420 to 430.

Resistance for the stock lies in the zone of 500 to 510 where the stock has opened gap down on back of weak quarterly results. If the stock manages to close above these levels then the stock can move to the levels of 530 to 540 where short term and medium term moving averages are lying.

Broad range for the stock in the coming week can be 460 – 465 on lower side to 500 – 505 on upper side.