EquityPandit’s Outlook for Axis Bank for the week (October 12, 2015 – October 16, 2015):

AXIS BANK:

Axis Bank closed the week on negative note losing around 1.1%.

As we have mentioned last week that resistance for the stock lies in the zone of 520. If the stock manages to close above the levels of 520 the stock can move to the levels of 550 where 100 and 200 Daily SMA are positioned. During the week the stock manages to hit a high of 518 and retraced back to close the week around the levels of 490.

Support for the stock lies in the range of 465 to 475 where channel support for the stock is lying. If the stock closes below this levels then the stock can drift to the levels of 450.

Resistance for the stock lies in the zone of 520. If the stock manages to close above the levels of 520 the stock can move to the levels of 550 where 100 and 200 Daily SMA are positioned.

Broad range for the stock in the coming week can be 460 – 470 on lower side to 520 – 530 on upper side.