EquityPandit’s Outlook for Axis Bank for week (July 13, 2015 – July 17, 2015):
Axis Bank closed the week on negative note losing around 1.5%.
As we have suggested last week that the stock is trading around the trend-line resistance of 589. This week also the stock could not manage to close above the levels of 590 and retraced back to the levels of 565.
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.