EquityPandit’s Outlook for Axis Bank for the week (November 15, 2016 – November 18, 2016) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 4.20%.

As we have mentioned last week that 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 and 200 Daily SMA is lying. 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. During the week the stock manages to hit a high of 514 and close the week around the levels of 499.

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 and 200 Daily SMA is lying. 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 465 – 470 on lower side to 525 – 530 on upper side.