EquityPandit’s Outlook for Axis Bank for the week  (Oct 23, 2017 – Oct 27, 2017) :

AXIS BANK:

Axis Bank closed the week on negative note losing around 13.10%.

As we have mentioned last week, that minor support for the stock lies in the zone of 520 to 525. Support for the stock lies in the zone of 505 to 508 where short & medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 495 to 500 where 200 Daily Moving averages are lying. During the week the stock manages to hit a low of 458 and close the week around the levels of 460.

The stock has seen a major breakdown on the long term charts. The stock has broken down from the 8 months of consolidation. Support for the stock lies in the zone of 445 to 450 levels. If the stock manages to close below these levels then the stock can drift to the levels of 425 to 430.

Resistance for the stock lies in the zone of 463 to 465 where long term Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 480 to 485 from where the stock broke down after 8 months of consolidation.

Broad range for the stock in the coming week can be 430– 435 on lower side & 480 – 485 on upper side.