EquityPandit’s Outlook for Axis Bank for the week  (Feb 18, 2019 – Feb 22, 2019) : 

AXIS BANK:

Axis Bank closed the week on negative note losing around 4.60%.

As we have mentioned last week, that minor support for the stock lies around 700 to 705. Support for the stock lies in the zone of 675 to 685 from where the stock broke out of double top pattern. If the stock manages to close below these levels then the stock can drift to the levels of 650 to 660 where Fibonacci levels and short term moving averages are lying. During the week the stock manages to hit a low of 682 and close the week around the levels of 687.

Support for the stock lies in the zone of 675 to 685 from where the stock broke out of double top pattern. If the stock manages to close below these levels then the stock can drift to the levels of 650 to 660 where Fibonacci levels and short term moving averages are lying.

Minor resistance for the stock lies around 700 to 705. Resistance for the stock lies in the zone of 720 to 730 where Fibonacci extension levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 750 to 760.

Broad range for the stock in the coming week can be 650– 660 on lower side & 710 – 720 on upper side.