EquityPandit’s Outlook for Axis Bank for the week (January 16, 2017 – January 20, 2017) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 3.90%.

As we have mentioned last week that minor support for the stock lies in the zone of 448 to 450 from where the stock broke out on intraday basis. Support for the stock lies in the zone of 438 to 440 where the stock has managed to take support on intraday basis. If the stock manages to close below these levels then the stock can drift to the levels of 422 to 425 where the stock has formed a bottom in the month of December-2016. During the week the stock manages to hit a low of 424 and close the week around the levels of 473.

Support for the stock lies in the zone of 460 to 465 from where the stock broke out. If the stock manages to close below these levels then the stock can drift to the levels of 448 to 450.

Resistance for the stock lies in the zone of 480 to 485 where the stock has formed a top in the month of December-2016. If the stock manages to close above these levels then the stock can move to the levels of 500 to 505 where 200 Daily SMA is lying.

Broad range for the stock in the coming week can be 455 – 460 on lower side to 490 – 500 on upper side.