EquityPandit’s Outlook for Axis Bank for the week (April 25, 2016 – April 29, 2016):

AXIS BANK:

Axis Bank closed the week on positive note gaining around 7.80%.

As we have mentioned last week that resistance for the stock lies in the zone of 460 to 465 where 500 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 480 where 200 Daily SMA is lying. During the week the stock manages to hit a high of 479 and close the week around the levels of 475.

Minor support for the stock lies in the zone of 450. If the stock manages to close below these levels then the stock can drift to the levels of 425 to 430 where 100 Daily SMA is lying.

The stock has closed around the resistance zone of 470 to 480 where 200 & 500 Daily SMA and 100 Weekly SMA are lying. If the stock manages to close above these levels then the stock can move to the levels of 495 where the stock has opened gap down on 28-10-2015.

Broad range for the stock in the coming week can be 450 – 455 on lower side to 495 – 500 on upper side.