EquityPandit’s Outlook for Axis Bank for week (July 27, 2015 – July 31, 2015):
Axis Bank closed the week on negative note losing around 4%.
As we have mentioned last week that the stock has formed a Bearish Harami pattern on the daily charts in the uptrend indicating the trend reversal. The stock has to closed above the levels of 613 to negate this pattern. The stock could not closed above the levels of 613 and sold off during the week to the levels of 580.
The stock has formed a Bearish Harami pattern on Weekly Charts in an medium term uptrend which indicates the trend reversal. The stock has to sustain above the levels of 610 on weekly basis to negate this pattern.
Support for the stock lies in the zone of 560 to 570 where 50 Daily EMA and 100 Daily SMA are lying.
Resistance for the stock lies in the range of 600 to 610.
Broad range for the stock in the coming week can be 555 – 565 on lower side to 610 – 620 on upper side.