EquityPandit’s Outlook for Axis Bank for the week  (Oct 01, 2018 – Oct 05, 2018) : 

AXIS BANK:

Axis Bank closed the week on positive note gaining around 2.30%.

As we have mentioned last week, that minor resistance for the stock lies around 615 to 620. Resistance for the stock lies in the zone of 630 to 640 from where the stock has broken down after consolidation. If the stock manages to close above these levels then the stock can move to the levels of 650 to 660 from where the stock has broken down. During the week the stock manages to hit a high of 625 and close the week around the levels of 613.

Support for the stock lies in the zone of 580 to 590 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 550 to 560 where Fibonacci levels and long term moving averages are lying.

Minor resistance for the stock lies around 615 to 620. Resistance for the stock lies in the zone of 630 to 640 from where the stock has broken down after consolidation. If the stock manages to close above these levels then the stock can move to the levels of 650 to 660 from where the stock has broken down.

Broad range for the stock in the coming week can be 570– 580 on lower side & 640 – 650 on upper side.