EquityPandit’s Outlook for Axis Bank for the week (August 24, 2015 – August 28, 2015):
Axis Bank closed the week on negative note losing around 8%.
The stock has broke below all the major support zone and it seems the stock can move to sub 500 levels.
Support for the stock lies in the zone of 500 to 510 from where the stock has managed to bounce back on previous occasions.
Resistance for the stock lies in the zone of 540 to 550 where short term moving averages and 200 Daily SMA are positioned.
Broad range for the stock in the coming week can be 490 – 500 on lower side to 550 – 560 on upper side.