Axis bank sets new record.
Axis Bank shares today climbed to a new high leaving stock market slump aside. Despite weakness in key benchmark indices including Nifty Bank index. Axis Bank share price attracted attention of Dalal Street bulls and climbed to intraday high of Rs952.75 apiece on NSE.
There is buzz about strong December quarter results of the bank that has helped Axis bank shares to rebound despite weak opening today. Experts went on to add that due to high interest rate regime, market is expecting improvement in margins of the private lender that is going to strengthen balance sheet of the company to a larger extent. They advised bottom finishers to look at Bank share to accumulate till it is above Rs880 apiece levels.
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Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Market is buzzing with speculations that ICICI Bank and Axis Bank will be delivering strong December quarter results. Due to high interest rate regime, most of the quality banks are expected to report improvement in margins and Axis Bank is not an exception to it. As valuations of Axis Bank shares are comparatively more attractive than ICICI Bank, bulls are showing buying interest in Axis Bank shares.”
Anuj Gupta, Vice President — IIFL Securities said, “Axis Bank shares have recently given breakout at Rs925 apiece levels and it had earlier given breakout at Rs870 apiece levels. So, the stock has delivered two breakouts on chart pattern in recent sessions. Now, the stock has strong support at Rs880 apiece levels. One can start accumulating this scrip at current levels till it is above Rs900 levels. It may hit four-digit numbers in short term.”
Those who have Axis Bank shares in their portfolio advises to upgrade trailing stop loss at Rs920 apiece levels,” said Anuj Gupta.
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