Axis Bank Outlook for the Week (Sept 04,2020 – Sept 18,2020)


For the Week: (Sept 04,2020 – Sept 18,2020)

AXISBANK

BSE: 532215| NSE: AXISBANK| ISIN: INE238A01034| SECTOR: BANKS

AXISBank Share Price: 447.20 (NSE)

AXISBank closed the Weekly on negative note losing 1.75%

Weekly High: 467.15

Weekly Low: 425.00

Weekly Range: 42.15 Points

Weekly Support & Resistance For Axis Bank:

RESISTANCE 2 488
RESISTANCE 1 467
SUPPORT 1 425
SUPPORT 2 404

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Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 425 levels, Minor resistance on the upside is capped around 467 levels.

If stock breaches minor support on the downside and closes below it we may see fresh break down and stock can drag towards Major Support on lower side @ 404 and If stock breaches minor resistance on the upside and closes above it we may see fresh breakout and stock can head towards Major Resistances Level @ 488

Stock is trading below 200 days exponential moving average, suggests long term trend is bearish. EquityPandit’s Predicts Range for the Weekly as 488 on upside and 404 on downside.

The present structure shows that stock formed a Bullish candle on daily chart. If we look from an immediate short-term angle, Axisbank share price seems to be sideways to positive. Move towards 455-456 levels can be expected on upside. To continue with up move, break above 100EMA level on closing basis is required.
Stock is trading below 200 days exponential moving average, suggests long term trend is bearish. EquityPandit’s Predicts Range for the Weekly as 460 on upside and 407 on downside.