Buy Axis Bank for target of Rs 745-765: N Pillai

Neppolian Pillai of Modern Shares & Stock Brokers is of the view that one can buy Axis Bank for the target of Rs 745-765.

Pillai told CNBC-TV18, "One is going to get a trading bounce from the banking and the capital goods sector. They have come and hit some major levels on the downside. They are going to trade up. Now fall into this sector, one can place yourself on the downside. You will be able to play that. One stock, which comes to my mind, is probably Siemens from the capital goods sector or Crompton Greaves from the capital goods sector or even an HCC. They don’t break the lows and keep within a trading range, keep going up. So that looks good to me."

He further added, "From the banking side, one has a great bank like ICICI Bank with the bottom of around Rs 700 – Rs 694 is the major downside target – it is around Rs 760. Okay, it has gone up 60 bucks but on the fall one can buy or one can go and trade an Axis Bank, which is around Rs 700. From Rs 700 to Rs 680 – that’s where I will look to buy the stock for a target of about Rs 745 to Rs 765."