EquityPandit’s Outlook for Axis Bank for the week (January 04, 2016 – January 08, 2016):

AXIS BANK:

Axis Bank closed the week on absolutely flat note.

As we have mentioned last week that Resistance for the stock lies in the zone of 450 to 455 from where the stock has broken down the descending triangle pattern and 100 Weekly SMA are lying.. If the stock closes above this levels then the stock can move to the levels of 470. During the week the stock manages to hit a high of 460 and retraced to close the week around the levels of 450.

The stock has close below the strong support zone of 440 where 500 Daily SMA is positioned. If the stock closes below this levels then the stock can drift to the levels of 425 from where the stock has broken out in the month of October – 2014.

Resistance for the stock lies in the zone of 450 to 455 from where the stock has broken down the descending triangle pattern and 100 Weekly SMA are lying. If the stock closes above this levels then the stock can move to the levels of 470.

The stock has formed a Shooting Star pattern on weekly charts in an uptrend indicating the trend reversal. The stock has to close above the levels of 460 to negate this pattern.

Broad range for the stock in the coming week can be 430 – 435 on lower side to 465 – 470 on upper side.