EquityPandit’s Outlook for Axis Bank for week (August 10, 2015 – August 14, 2015):
Axis Bank closed the week on positive note gaining around 1%.
As we have mentioned last week that the stock has formed a Hammer pattern on weekly charts in downtrend indicating the trend reversal. If the stock manages to close above the levels of 580 the stock can move to the levels of 600 where trend-line resistance for the stock lies and the stock made a high of 590 and retraced to the levels of 570 before closing the week on 580 levels.
The stock is facing significant resistance in the zone of 590 where trend-line for the stock is lying. If the stock manages to close above the levels of 590 the stock can move to the levels of 610.
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.