EquityPandit’s Outlook for Axis Bank for week (July 06, 2015 – July 10, 2015):
Axis Bank closed the week on positive note gaining around 6%.
As we have suggested last week that the stock has formed a Shooting Star pattern on weekly charts in an uptrend and the stock has to close above the levels of 580 to negate this pattern. This week the stock hit the high of 588 and also close above the levels of 580 on weekly basis.
As seen from the chart the stock is trading around the trend-line resistance of 589. Above the levels of 589 we may see stock moving towards the levels of 600 to 620.
Support for the stock lies in the range of 560 to 565 where short term and medium term moving averages are positioned. Also trend-line support for the stock lies in the range of 560.
Broad range for the stock in the coming week can be 560 – 570 on lower side to 600 – 620 on upper side.