Despite the fall in the stock market, the stock price of Axis Bank has reached an all-time high.

 

• Axis Bank share price today hit new all-time high despite heavy fall in Nifty Bank index

Share market today: Shares of Axis Bank today climbed to a new high leaving the stock market down. Axis Bank share price attracted the attention of Dalal Street bulls and climbed to a high of ₹952.75 on NSE, setting a new record high for the banking stock, despite weakness in major benchmark indices including Nifty Bank index. According to stock market watchers, the buzz around the bank's strong December quarter results led to gains in Axis Bank shares despite a weak opening today. Experts further said that due to the higher interest rate regime, the market is expecting an improvement in the margins of the private lender which is going to strengthen the balance sheet of the company to a great extent. He advised bottom finishers to look for Axis Bank stock to accumulate till the level of ₹880 per share.

Reasons for Axis Bank share price rally, Avinash Gorakshkar, Head of Research, Profitmart Securities said, "The market is buzzing with speculations that ICICI Bank and Axis Bank will post strong December quarter results. Due to higher interest rate regime, margins from most quality banks Further improvement is expected and Axis Bank is no exception to this. As the valuation of Axis Bank shares are comparatively more attractive than ICICI Bank, bulls are showing buying interest in Axis Bank shares."

Expecting the bull trend to continue in Axis Bank shares, Anuj Gupta, Vice President – IIFL Securities said, “Axis Bank shares recently gave a breakout near ₹925 levels and it has earlier traded above ₹870 levels. Gave breakout. Hence, stock has turned down. Gave two breakouts on chart pattern in recent sessions. Now, stock has strong support at ₹880 level. One can start accumulating this scrip at current levels till May see further gains till it breaks above ₹900 level. It may touch four digit numbers in near term."

Those having Axis Bank shares in their portfolio are advised to upgrade the trailing stop loss to ₹920 level," said Anuj Gupta.

stock market today

The Nifty Bank index opened lower today and touched a low of 42,955, down nearly 1200 points from its life high of 44,151. Among other major benchmark indices, the Nifty 50 index touched a level of 18,202, down nearly 685 points from its lifetime high, while the BSE Sensex touched a low of 61.102, down from its record high of 63,583 points. is about 2500 marks less than