EquityPandit’s Outlook for Axis Bank for the week  (Dec 31, 2018 – Jan 04, 2019) : 

AXIS BANK:

Axis Bank closed the week on positive note gaining around 0.60%.

As we have mentioned last week, that minor resistance for the stock lies in the zone of 620 to 625. Resistance for the stock lies in the zone of 635 to 645 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 650 to 660 from where the stock has broken down. During the week the stock manages to hit a high of 628 and close the week around the levels of 625.

Minor support for the stock lies in the zone of 615 to 620. Support for the stock lies in the zone of 590 to 600 where Fibonacci levels and short & medium term moving are lying. If the stock manages to close below these levels then the stock can drift to the levels of 570 to 580 where Fibonacci levels and long term moving averages are lying.

Resistance for the stock lies in the zone of 640 to 645 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 650 to 660 from where the stock has broken down.

Broad range for the stock in the coming week can be 590– 600 on lower side & 650 – 660 on upper side.