EquityPandit’s Outlook for Axis Bank for the week  (Sep 24, 2018 – Sep 28, 2018) : 

AXIS BANK:

Axis Bank closed the week on negative note losing around 5.80%.

As we have mentioned last week, that minor support for the stock lies around 620 to 630. Support for the stock lies in the zone of 580 to 590 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 550 to 560 where Fibonacci levels are lying. During the week the stock manages to hit a low of 563 and close the week around the levels of 599.

Support for the stock lies in the zone of 580 to 590 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 550 to 560 where Fibonacci levels and long term moving averages are lying.

Minor resistance for the stock lies around 615 to 620. Resistance for the stock lies in the zone of 630 to 640 from where the stock has broken down after consolidation. If the stock manages to close above these levels then the stock can move to the levels of 650 to 660 from where the stock has broken down.

Broad range for the stock in the coming week can be 550– 560 on lower side & 630 – 640 on upper side.