Shardul Kulkarni, Angel Broking advice traders to buy Axis Bank around Rs 1060- 1070.
Kulkarni told CNBC-TV18, “In the PSU segment I think that I would look at booking profits and moving out especially Bank of Baroda as well as Punjab National Bank. I think the stocks have given you a decent run up.”
He further added, “PSU banks show you negative diversions on the hourly charts so it makes sense to atleast book partial profits from a trading perspective. I would expect about 4-6 days of consolidation in both these stocks. PNB as well as Bank of Baroda, Axis was one stock which moved from around Rs 890-900 levels straight to Rs 1100. I think that going forward I would look at another correction in case of Axis. Stock may move to around Rs 1060-1070 that would be a good time to actually enter into Axis Bank for those who have missed the rally.”
Disclosures: Yes it is possible that we have recommended the stocks to our clients and we have them in our portfolio.