Axis Bank hits life time high; analyst sees 20% upside in short term

Axis Bank Share Price: Shares of Axis Bank hit an all-time high of Rs 949.30 apiece on NSE, gaining more than 1 per cent from the previous close of Rs 938.65. On BSE the stock traded at Rs 949 apiece. The buying in the private lender’s stock lifted Nifty Bank index as it also hit fresh life high of 43,983.80.

Zee Business panellist and market expert Sandeep Wagle said that momentum in the counter will likely continue positionally and that the pattern is looking good. Wagle said that Rs 950 is immediate resistance. The counter would touch Rs 970-975 if crosses the resistance level. 

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Wagle suggested to adopt accumulating the stock on dips with a stop loss of Rs 900. Positionally, he said that the target would be Rs 1150-1200 apiece (one month view).

Year to Date (YTD), the stock has yielded a stellar gain of around 40 per cent. 

The stock is trading around 53 per cent higher from its 52-week low of Rs 618.25 apiece that it had hit on June 23, 2022.

Bank stocks are outperforming for the past few months. In the last 5 days, Nifty Bank index has zoomed around 2 per cent. During today's session, all the 12 stocks in the index but one traded in green.

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