EquityPandit’s Outlook for Axis Bank for the week (October 19, 2015 – October 23, 2015):

AXIS BANK:

Axis Bank closed the week on positive note gaining around 2.9%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 485 and bounce back to close the week around the levels of 505.

Support for the stock lies in the range of 480 to 485 where the stock has made the triple bottom. If the stock closes below this levels then the stock can drift to the levels of 460 where trend-line support for the stock is lying.

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 480 – 485 on lower side to 520 – 530 on upper side.