Axis Bank Outlook for the Week (Oct 12,2020 – Oct 16,2020)


For the Week: (Oct 12,2020 – Oct 16,2020)

AXISBANK

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

AXISBank Share Price: 468.05 (NSE)

AXISBank closed the Weekly on positive note gaining 5.48%

Weekly High: 469.80

Weekly Low: 439.05

Weekly Range: 30.75 Points

Weekly Support & Resistance For Axis Bank:

RESISTANCE 2 490
RESISTANCE 1 479
SUPPORT 1 448
SUPPORT 2 428

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Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 448 levels, Minor resistance on the upside is capped around 479 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 @ 428 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 @ 490

Stock is trading below 200 days exponential moving average, suggests long term trend is bearish. EquityPandit’s Predicts Range for the Weekly as 490 on upside and 428 on downside.

On daily chart we can see AXIS BANK share price are sustaining above 0.786 of Fibonacci Retracement. Stock formed a Bullish candle on the daily chart and closed above 100 EMA level in previous session. For the near term stock can move upside towards 485 levels.

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.