Axis Bank shares hover near all-time high level; what's next for this pvt bank stock?

Shares of private lender Axis Bank rose 1.22 per cent to hit a high of Rs 1,141.05 in Friday's early trade. At this price, the stock was just 0.91 per cent away from its record high price of Rs 1,151.50, a level seen on December 5 last year.

The bank, in a BSE filing, said it has re-appointed Amitabh Chaudhry as chief executive officer and managing director for three years, effective January 1, 2025.

On the earnings front, Axis Bank has posted a standalone net profit of Rs 7,130 crore for the quarter ended March 31, 2024 (Q4 FY24). The lender had reported a loss of Rs 5,728 crore in the year-ago period, weighed down by a one-time expense incurred due to its Rs 11,603 crore billion Citi deal.

The bank's net interest income rose 11.5 per cent to Rs 13,089 crore. Axis Bank's Board recommended a final dividend of Re 1 per equity share.

Analysts largely remained positive on the counter. Immediate support will be at Rs 1,100.

"The counter is all set to cross its all-time high level. One can consider buying it with a stop loss of Rs 1,100 for target prices of Rs 1,160-1,220," said Ratnesh Goyal, Head of Technical Analysis at Arihant Capital, told Business Today TV.

Axis Bank's stock looked strong on daily charts, said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking. "Next possible upside target will be Rs 1,170. Keep stop loss placed at Rs 1,070," Singh stated.

"The stock looked bullish on charts with strong support at Rs 1,086. Next near-term targets on the counter are Rs 1,153-1,240," said AR Ramachandran from Tips2trades.

"For Axis Bank shares, support will be at Rs 1,100. The expected trading range will be between Rs 1,080 and Rs 1,150 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.