Comments
Axis Bank Ltd's shares gain as much as 2.59 per cent to Rs 667.75, their highest since September 10, 2018. The stock breaks above a resistance at Rs 656.1, the 61.8 per cent Fibonacci projection level of the uptrend from April 27, 2018 low to September 10, 2018 high (wave i).
Breakout suggests, in the near term, stock may test a resistance at Rs 684.85, the 76.4 per cent projection level. Stock's wave pattern suggest, it is in the third wave of a five-wave uptrend, third wave is typically the longest one. MACD is positive and above its signal line.
The stock had seven analysts' recommendation upgrades and two downgrades in the past 90-days, currently, 29 analysts rate it a buy or higher, 11 hold, while five rate it a sell or lower, according to the Refinitiv data. The stock is up 7.8 per cent in the past one-month compared with the broader NSE Index's 1 per cent gain.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.