EquityPandit’s Outlook for Axis Bank for the week (November 02, 2015 – November 06, 2015):
Axis Bank closed the week on negative note losing around 9.5%.
As we have mentioned last week that resistance for the stock lies in the zone of 540 to 550 where 100 and 200 Daily SMA are positioned. If the stock manages to close above this levels then the stock can move to the levels of 580 to 590 where trend-line joining highs is positioned. During the week the stock manages to hit a high of 532 and sold off on back of quarterly results to the levels of 475.
Support for the stock lies in the zone of 460 where channel support for the stock is lying. The stock is moving in this channel since the month of March – 2015. If the stock closes below this levels then the stock can drift to the levels of 425 to 430 where 500 Daily SMA and 100 Weekly SMA are positioned.
Resistance for the stock lies in the zone of 495 to 500 where the stock has opened gap down on back of quarterly results. If the stock manages to close above this levels then the stock can move to the levels of 540 where 100 Daily SMA is positioned.
Broad range for the stock in the coming week can be 450 – 455 on lower side to 495 – 500 on upper side.