Axis Bank may test Rs 1100-1150, says Kunal Bothra, Sr Technical Analyst, LKP.
Bothra told CNBC-TV18, " ICICI Bank in particular I would not be going for long because in the last couple of trading sessions it has seen a very strong gap up rise from Rs 800 levels to Rs 850-870 levels. I believe that if the stock is due for a correction probably a consolidation, touching to that Rs 850 levels once again in the next couple of days, trading below that and having a buying dull session or luscious session in terms of volumes and then picking up from there."
He further added, "In terms of Axis Bank today's move is slightly concerning me because it managed to break the previous intermediate high of Rs 1000 levels. But I think the next couple of days is very critical for this stock. If it manages to create 4-5% within the Rs 1000 band it's a very good comforting zone for Axis Bank. They can pickup and test the 200 DMA which is Rs 1100-1150 odd levels. So the next couple of days is wait and watch on these banking stocks, I would probably give a buy if it manages to sustain the previous intermediate high."
