EquityPandit’s Outlook for Axis Bank for the week (September 26, 2016 – September 30, 2016) :

AXIS BANK:

Axis Bank closed the week on negative note losing around 7.40%.

As we have mentioned last week that resistance for the stock lies in the zone of 610 to 615. If the stock manages to close above these levels then the stock can move to the levels of 640 to 650 where life time high for the stock is lying. During the week the stock manages to hit a high of 612 and close the week around the levels of 557.

Support for the stock lies in the zone of 545 to 550 where medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 510 to 515 where long term moving averages are lying.

Resistance for the stock lies in the zone of 575 to 580 where short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 610 to 615.

Broad range for the stock in the coming week can be 540 – 545 on lower side to 580 – 585 on upper side.