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

AXIS BANK:

Axis Bank closed the week on positive note gaining around 6.30%.

As we have mentioned last week that resistance for the stock lies in the zone of 536 to 538 where the stock has formed a gap on 13/06/2016. If the stock manages to close above these levels then the stock can move to the levels of 550 where the stock has formed a short term top. During the week the stock manages to hit a high of 546 and close the week around the levels of 543.

Minor support for the stock lies in the zone of 522 to 525. Support for the stock lies in the zone of 500 to 510 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 485 to 490 where medium term moving averages are lying.

Resistance for the stock lies in the zone of 550 where the stock has formed a short term top. If the stock manages to close above these levels then the stock can move to the levels of 575 to 580.

Broad range for the stock in the coming week can be 515 – 520 on lower side to 560 – 565 on upper side.