Axis bank has support at Rs 565: Gujral

Technical Analyst, Ashwani Gujral is of the view that Axis Bank has support at Rs 565 and resistance at Rs 700.

Gujral told CNBC-TV18, "Now it is a turn of those blue-chips private banks because they are the ones, which have not taken the hit so far. For HDFC Bank Rs 1,000 was the key level now it could really go in a hurry towards Rs 850. For ICICI Bank Rs 550 was a support in case it starts trading below it, I think Rs 475 should come in. Even for Axis Bank support now comes in at Rs 565, face resistance at Rs 700. Again as the financials in US deteriorates, there is a concern in India also. So probably that is an offshoot of that development but clearly the safe havens will now get hit."

Disclosure: Analyst doesn't hold the above stock but have delta neutral positions in Nifty.