EquityPandit’s Outlook for Axis Bank for the week (December 12, 2016 – December 16, 2016) :
Axis Bank closed the week on negative note losing around 0.80%.
As we have mentioned last week that support for the stock lies in the zone of 455 to 460 from where the stock has bounced in the month of May – 2016. If the stock closes below these levels then the stock can drift to the levels of 420 to 430. During the week the stock manages to hit a low of 441 and close the week around the levels of 456.
Support for the stock lies in the zone of 440 to 445 where the stock has formed a short term bottom. If the stock manages to close below these levels then the stock can drift to the levels of 410 to 420 from where the stock has bounced in the month of April-2016.
Resistance for the stock lies in the zone of 458 to 462 from where the stock has broken down from the Wedge pattern formed in the month of November-2016. If the stock manages to close above these levels then the stock can move to the levels of 485 to 490 where short term moving averages are lying.
Broad range for the stock in the coming week can be 430 – 435 on lower side to 480 – 485 on upper side.