Axis Bank share price climbs to life-time high despite stock market slump
Stock market today: 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 ₹952.75 apiece on NSE, new record high of the banking stock. According to stock market experts, there is buzz about strong December quarter results of the bank that has helped Axis ank 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 Axis Bank share to accumulate till it is above ₹880 apiece levels.
On reason for Axis Bank share price rally, 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.”
Expecting bull trend in Axis Bank shares to continue, Anuj Gupta, Vice President — IIFL Securities said, “Axis Bank shares have recently given breakout at ₹925 apiece levels and it had earlier given breakout at ₹870 apiece levels. So, the stock has delivered two breakouts on chart pattern in recent sessions. Now, the stock has strong support at ₹880 apiece levels. One can start accumulating this scrip at current levels till it is above ₹900 levels. It may hit four-digit numbers in short term.”
Those who have Axis Bank shares in their portfolio are advised to upgrade trailing stop loss at ₹920 apiece levels,” said Anuj Gupta.
Stock market today
Nifty Bank index today opened downside and went on to hit intraday low of 42,955 levels, around 1200 points below its life-time high of 44,151 levels. Among other key benchmark indices, Nifty 50 index touched 18,202 levels, around 685 points lower from its life-time highs whereas BSE Sensex hit intraday low of 61.102, near 2500 points lower from its record high of 63,583 mark.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.