EquityPandit’s Outlook for Axis Bank for the week (August 22, 2016 – August 26, 2016):

AXIS BANK:

Axis Bank closed the week on negative note losing around 0.40%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 598 and close the week around the levels of 589.

Minor support for the stock lies in the zone of 573 to 575. 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 595 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 560 – 565 on lower side to 605 – 610 on upper side.