Axis Bank share price has skyrocketed over 6 per cent in the intraday trade session. The private lender shares had Rs 446.20 closing on Tuesday but today it has scaled up to Rs 474.70 per share levels, which is around 6.41 per cent higher than its previous close. According to the stock market experts, this rise in Axis Bank share price is because of the better asset quality and moratorium numbers of around 9 per cent being reported in the Axis Bank results yesterday. They said that the rally in the Bank Nifty for the last two trade sessions also played an important role in this Axis Bank stock price rally.

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Speaking on the fundamentals supporting the Axis Bank shares, Avinash Gorakshkar, a SEBI registered fundamental equity analyst said, "On Tuesday evening, Axis Bank has reported better asset quality and moratorium numbers to the tune of 9 per cent, which has boosted the morale of investors looking at the private bank stocks. In fact the recent rise in the Bank Nifty index also has some role in this Axis Bank stocks rally as it is one of the major leaders in the Bank Nifty index." He said that in next one to two trade sessions, if Bank Nifty rises further by around 1000 to 1,500 points, then we can witness a fresh rally in the Axis Bank stock.

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Decoding the market mood behind this Axis Bank shares rally, Sumeet Bagadia, Executive Director at Choice Broking said, "It seems that the market has discounted the negatives of the Axis Bank result while it appreciated the positives like asset quality and moratorium numbers of the private lender bank. Currently, Axis Bank shares have strong resistance at Rs 490-495 levels but if it manages to break this resistance then it can go up to Rs 440 to Rs 450 per stock levels." He said that Axis Bank shares have strong support at Rs 440 to Rs 450 levels. Since, Axis Bank stock is already near resistance, one should either wait till it comes around Rs 455-460 levels after profit-booking trigger or it breaks and sustains above Rs 500 per share levels.