EquityPandit’s Outlook for Axis Bank for the week (September 06, 2016 – September 09, 2016) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 2.20%.

As we have mentioned last week that resistance for the stock lies in the zone of 595 to 600 from where the stock has sold off in the month of August – 2015. If the stock manages to close above these levels then the stock can move to the levels of 615 to 620. During the week the stock manages to hit a high of 604 and close the week around the levels of 599.

Minor support for the stock lies in the zone of 578 to 580. Support for the stock lies in the zone of 555 to 560 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 525 to 530 where medium term moving averages are lying.

Resistance for the stock lies in the zone of 610 to 615 from where the stock has sold off in the month of July – 2015. If the stock manages to close above these levels then the stock can move to the levels of 640 to 650 where life time high for the stock is lying.

Broad range for the stock in the coming week can be 575 – 580 on lower side to 615 – 620 on upper side.