EquityPandit’s Outlook for Axis Bank for the week (August 16, 2016 – August 19, 2016):

AXIS BANK:

Axis Bank closed the week on positive note gaining around 4.20%.

As we have mentioned last week that resistance for the stock lies in the zone of 580 to 590 from where the stock has sold off in the month of August – 2015 and July – 2016. If the stock manages to close above these levels then the stock can move to the levels of 615 to 620. During the week the stock manages to hit a high of 593 and close the week around the levels of 591.

Minor support for the stock lies in the zone of 558 to 562. Support for the stock lies in the zone of 545 to 550 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 510 to 515 where medium term moving averages are lying.

Resistance for the stock lies in the zone of 590 to 600 from where the stock has sold off in the month of August – 2015. If the stock manages to close above these levels then the stock can move to the levels of 615 to 620.

Broad range for the stock in the coming week can be 555 – 560 on lower side to 605 – 610 on upper side.