EquityPandit’s Outlook for Axis Bank for the week (September 12, 2016 – September 16, 2016) :

AXIS BANK:

Axis Bank closed the week on positive note gaining around 2.30%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 638 and close the week around the levels of 613.

Minor support for the stock lies in the zone of 595 to 600. Support for the stock lies in the zone of 575 to 580 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 545 to 550 where medium term moving averages are lying.

The stock has closed around the resistance 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 580 – 585 on lower side to 635 – 640 on upper side.