EquityPandit’s Outlook for Axis Bank for the week (August 31, 2015 – September 04, 2015):
Axis Bank closed the week on negative note losing around 3%.
As we have mentioned last week that the stock has broke below all the major support zone and it seems the stock can move to sub 500 levels. The stock hit a low of 475 during the week and bounce to the levels of 508.
During the week the stock has taken support around the downward moving channel positioned around the levels of 470, in which the stock is moving since March – 2015.
If the stock manages to close above the levels of 525 the stock can move to the levels of 550 where 100 and 200 Daily SMA are positioned.
If the stock drifts below the levels of 475, the stock can correct to the levels of 400 where next important support for the stock is lying.
The stock has formed a Doji pattern on weekly charts in downtrend indicating the exhaustion of selling pressure.
Broad range for the stock in the coming week can be 470 – 480 on lower side to 550 – 560 on upper side.