We recommend accumulating Axis Bank in the range of Rs 585-597 for the upside target of Rs 640, keeping a stop loss below at Rs 570, says Nandish Shah of HDFC Securities.
Moneycontrol Contributor
@moneycontrolcom
Nandish Shah
After making an all-time high during the month of August, Axis Bank has nearly corrected 8% during this month. However, the primary trend of the stock is positive where the stock is trading above its 200-day Simple moving average.
Axis Bank is also outperforming other private sector banks. The stock price has reached near to a strong support of Rs 585 levels.
We believe that recent correction in the stock price is a running correction in the overall uptrend. Therefore, we recommend accumulating Axis Bank in the range of Rs 585-597 for the upside target of Rs 640, keeping a stop loss below at Rs 570.
Disclaimer: The author is a Technical & Derivatives Analyst at HDFC Securities. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.First Published on Sep 25, 2018 12:07 pm