EquityPandit’s Outlook for Axis Bank for the week  (Mar 05, 2019 – Mar 08, 2019) : 

AXIS BANK:

Axis Bank closed the week on absolutely flat note.

As we have mentioned last week, that minor resistance for the stock lies around 700 to 705. Resistance for the stock lies in the zone of 725 to 735 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 750 to 760. During the week the stock manages to hit a high of 728 and close the week around the levels of 702.

Support for the stock lies in the zone of 675 to 685 from where the stock broke out of double top pattern and short term moving averages are lying. 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 medium term moving averages are lying.

Minor resistance for the stock lies around 700 to 705. Resistance for the stock lies in the zone of 725 to 735 where the stock has formed a high in the month of February-2019. 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 670– 680 on lower side & 730 – 740 on upper side.