EquityPandit’s Outlook for Axis Bank for the week  (Oct 15, 2018 – Oct 19, 2018) : 

AXIS BANK:

Axis Bank closed the week on positive note gaining around 2.90%.

As we have mentioned last week, that support for the stock lies in the zone of 550 to 560 where Fibonacci levels and long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 520 to 530 where trend-line support for the stock is lying. During the week the stock manages to hit a low of 546 and close the week around the levels of 585.

Minor resistance for the stock lies around 570 to 575. Support for the stock lies in the zone of 550 to 560 where Fibonacci levels and long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 520 to 530 where trend-line support for the stock is lying.

Resistance for the stock lies in the zone of 610 to 620 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 630 to 640 from where the stock has broken down after consolidation.

Broad range for the stock in the coming week can be 550– 560 on lower side & 620 – 630 on upper side.