EquityPandit’s Outlook for Axis Bank for the week (November 21, 2016 – November 25, 2016) :

AXIS BANK:

Axis Bank closed the week on negative note losing around 5.10%.

As we have mentioned last week that resistance for the stock lies in the zone of 500 to 510 where the stock has opened gap down on back of weak quarterly results and 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 530 to 540 where short term and medium term moving averages are lying. During the week the stock manages to hit a high of 503 and close the week around the levels of 473.

Minor support for the stock lies in the zone of 468 to 470. Support for the stock lies in the zone of 455 to 460 from where the stock has bounced in the month of May – 2016. If the stock closes below these levels then the stock can drift to the levels of 420 to 430.

Minor resistance for the stock lies in the zone of 482 to 485. Resistance for the stock lies in the zone of 500 to 510 where the stock has opened gap down on back of weak quarterly results and 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 530 to 540 where short term and medium term moving averages are lying.

Broad range for the stock in the coming week can be 450 – 455 on lower side to 500 – 505 on upper side.