EquityPandit’s Outlook for Axis Bank for week (July 20, 2015 – July 24, 2015):
Axis Bank closed the week on positive note gaining around 4%.
As we have been mentioning since last 2 weeks the stock is facing stiff resistance around the levels of 589 where trend-line is positioned and above the levels of 589 we could see stock moving towards the levels of 600 to 620 and the stock hit a high of around 613 during the week.
The stock has formed a Bearish Harami pattern in the uptrend indicating the trend reversal. The stock has to closed above the levels of 613 to negate this pattern.
Above the levels of 613 we could see stock moving towards the levels of 625.
Support for the stock lies in the range of 580 to 590 where short term moving averages and trend-line support are positioned.
Broad range for the stock in the coming week can be 570 – 580 on lower side to 630 – 640 on upper side.