EquityPandit’s Outlook for Axis Bank for the week  (Feb 4, 2019 – Feb 8, 2019) : 

AXIS BANK:

Axis Bank closed the week on positive note gaining around 7.00%.

As we have mentioned last week, that support for the stock lies in the zone of 645 to 655 from where the stock broke out of December-2018 high. If the stock manages to close below these levels then the stock can drift to the levels of 620 to 630 where Fibonacci levels and medium term moving averages are lying. During the week the stock manages to hit a low of 650 and close the week around the levels of 717.

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.

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 680– 690 on lower side & 740 – 750 on upper side.