Kunal Bothra, Head of Advisory at LKP told CNBC-TV18, "I have recommended a sell on Axis Bank purely because of the shorter term time frame charts, it is showing a proper head and shoulder pattern. The neckline is around Rs 393. If it breaks Rs 393 or Rs 392 either today or in the next couple of days that could be an ideal sell for Axis Bank."
"Looking at the volume pattern where this is one of the few private sector banks, Axis Bank is showing a sell signal, something worth taking a trade. I am giving a target of close to Rs 375 with a stoploss of Rs 400," he added.