EquityPandit’s Outlook for Axis Bank for the week  (Oct 30, 2017 – Nov 03, 2017) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 5.60%.

As we have mentioned last week, that 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. During the week the stock manages to hit a low of 447 and close the week around the levels of 486.

Minor support for the stock lies in the zone of 470 to 475. 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 480 to 490 from where the stock broke down after 8 months of consolidation. If the stock manages to close above these levels then the stock can move to the levels of 500 to 510 where short, medium and long term moving averages are lying.

Broad range for the stock in the coming week can be 450– 455 on lower side & 510 – 515 on upper side.