EquityPandit’s Outlook for Axis Bank for the week (May 4, 2020 – May 8, 2020):

AXIS BANK:

AXISBANK was in the news last week due to its deal with MAX FINANCIAL SERVICES  where its going to buy 30% stake, We have seen the counter trading in the sideways range  after the huge sell off in the March 2020 series. In the month of April counter traded sideways and has see distribution on the next leg of correction. Stock was not able to see any sharp rally towards higher levels and hence no major buying attraction was seen in the counter.

We  expect profit booking for the next week in AXISBANK, Levels to be watched will be 483 on the upside and 400 on the down side. Looking to the Friday closing of SGXNifty the chance of bear market is on the card.