EquityPandit’s Outlook for Axis Bank for the week (September 14, 2015 – September 18, 2015):
Axis Bank closed the week on positive note gaining around 3%.
As we have mentioned last week that 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 and the stock hit a low of 446 during the week and bounced back to the levels of 481.
As we have informed that if the stock manages to close above the levels of 475 where channel support for the stock is positioned, then the stock can move to the levels of 500 and the stock manages to hit a high of 495 during the week.
If the stock breaks below the levels of 450 the stock can drift to the levels of 400 where 500 Daily SMA and 100 Weekly SMA are lying.
If the stock manages to close above the levels of 500 to 510 the stock can move to the levels of 540 where 100 and 200 Daily SMA are positioned.
Broad range for the stock in the coming week can be 440 – 450 on lower side to 500 – 510 on upper side.