EquityPandit’s Outlook for Axis Bank for the week (December 14, 2015 – December 18, 2015):
Axis Bank closed the week on negative note losing around 4.70%.
As we have mentioned last week that support for the stock lies in the zone of 455 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 440 to 445 where 500 Daily SMA and 100 Weekly SMA are positioned. During the week the stock manages to hit a low of 436.5 and close at the lowest levels of the week.
The stock has close around the strong support zone 440 to 445 where 500 Daily SMA and 100 Weekly SMA are positioned. If the stock closes below this levels then the stock can drift to the levels of 425 from where the stock has broken out in the month of October – 2014.
Resistance for the stock lies in the zone of 445 to 450 from where the stock has broken down the descending triangle pattern. If the stock closes above this levels then the stock can move to the levels of 460 to 465.
Broad range for the stock in the coming week can be 420 – 425 on lower side to 450 – 455 on upper side.