Axis Bank is Religare’s pick of the month for March, 10% upside seen at TP of ₹1,185; should you buy?
Domestic brokerage firm Religare Broking has picked Axis Bank as its stock pick of the month for March 2024 with a potential upside seen around 10 per cent. Shares of Axis Bank were on an uptrend and gained around three per cent today as Nifty 50 hit a fresh lifetime high of 22,353.30 on strong macroeconomic indicators.
On Friday, March 1, shares of Axis Bank opened at ₹1,074.05 and gained 2.5 per cent to hit an intra day high of ₹1,101.60 against its 52-week high of ₹1,151.50 apiece on the BSE.
Religare Broking highlights that in its report that Axis Bank has remained one among the top performer among the private banking majors and we expect the outperformance to continue.
‘’The stock has been in a primary uptrend from last more than eight months, forming series of Higher Highs and lows with gradual rise in volumes. It has formed an elevated base around the 20 Weekly EMA which also coincides with rising support trend line,” said Religare Broking. Following price action and uptick in volumes indicates stock to resume its prevailing trend and inch higher to surpass its previous swing high, according to the brokerage
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Published: 01 Mar 2024, 05:59 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.