• Axis Bank share price today breached its previous high on 25 October 2021 to reach a new high
Shares of Axis Bank climbed to a new lifetime high of ₹879.85 on NSE, surpassing its previous high of ₹866.90 per share made on October 25, 2022. In morning deals, Axis Bank share price opened up today. The gap further moved to a new high, rising nearly 6 per cent from its previous close at Rs 825.85 per share.
As per stock market experts, the shares of Axis Bank are on an uptrend and are expected to continue in an uptrend post the announcement of strong Q2FY23 results announced yesterday. He said that most of the banks are out of the covid-led challenges and now in view of reducing provisioning, Axis Bank has managed to report better margins. Moreover, due to rising interest rates, the bank has managed to report an improvement in Net Interest Income (NII) and Net Interest Margin (NIM). He further added that the shares of Axis Bank are expected to remain on the uptrend and may go up to ₹1170 by Diwali next year.
Speaking on the share price outlook of Axis Bank, Ravi Singhal, CEO, GCL Securities said, "Axis Bank has managed to report a better margin and NII in Q2FY22 results. Owing to this strong quarterly numbers, Axis Bank's shares are on the rise. Markets are highly bullish and due to rising interest rates, bulls are expecting the private lender to continue improving its NII and NIM in the coming quarters as well.”
On his views on Axis Bank shares, Sumeet Bagdia, Executive Director, Choice Broking said, "Axis Bank shares have given a breakout around ₹865 level and if the stock closes above this level then we will go for the stock's upside. One can expect ₹920 at each of the levels in the near term. Hence, one can buy the stock at current levels with a stop loss of ₹820 with a target of ₹920. One is advised to buy the stock at ₹850 if the stock is closed at ₹820. Further deposit is advised as profit booking is awaited in the scrip.”
Ravi Singhal of GCL Securities, advising positional investors to buy and hold the stock till Diwali next year, said, “One can buy and hold the stock for Diwali 2023. An investor can choose between ₹850 to ₹800 for a one year target. Can deposit in the range of ₹1170.
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