EquityPandit’s Outlook for Axis Bank for the week (February 06, 2017 – February 10, 2017) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 3.80%.

As we have mentioned last week that minor support for the stock lies in the zone of 460 to 463. Support for the stock lies in the zone of 440 to 445 where the stock has formed a short term bottom. If the stock manages to close below these levels then the stock can drift to the levels of 425 to 430 where the stock has formed a double bottom pattern. During the week the stock manages to hit a low of 460 and close the week around the levels of 491.

Minor support for the stock lies in the zone of 480 to 482. Support for the stock lies in the zone of 460 to 465 where the stock has taken multiple support. If the stock manages to close below these levels then the stock can drift to the levels of 440 to 445 where the stock has formed a short term bottom.

Minor resistance for the stock lies in the zone of 490 to 492. Resistance for the stock lies in the zone of 510 to 515 where the stock has formed a top in the month of November-2016 and 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 534 to 536 where Fibonacci level is lying.

Broad range for the stock in the coming week can be 470 – 475 on lower side to 510 – 515 on upper side.