EquityPandit’s Outlook for Axis Bank for the week (September 07, 2015 – September 11, 2015):

AXIS BANK:

Axis Bank closed the week on negative note losing around 8%.

As we have mentioned last week that if the stock manages to close above the levels of 525 the stock can move to the levels of 550 where 100 and 200 Daily SMA are positioned, but the stock manages to hit a high of 518 and sold off to the levels of 462.

During the week the stock has broken down from the downward moving channel positioned around the levels of 475, in which the stock is moving since March – 2015.

If the stock drifts below the levels of 475, the stock can correct to the levels of 400 where next important support for the stock is lying.

If the stock manages to close above the levels of 475 where channel support for the stock is positioned, then the stock can move to the levels of 500.

Broad range for the stock in the coming week can be 440 – 450 on lower side to 500 – 510 on upper side.