Axis Bank can move to Rs 1450-1500: Mehta

If Axis Bank sustain above Rs 1300 for a while then it can move to Rs 1450-1500, says Jitendra Mehta, Edelweiss.

Mehta told CNBC-TV18, "Clear technical pattern is now forming in a Bank Nifty. Bank Nifty is testing its 200 DMA resistance. But this is a crucial point. In case we see a price advance above 11250 on Bank Nifty it would be a inverted head and shoulder breakout. That would be quite a bullish pattern conversion from here. As of now it looks as if Nifty has to go higher bank nifty or banks stocks would lead the rally from here." He further added, "Among the Bank Nifty the best chart right now is Axis Bank, which looks quite bullish at this level. We have already broken the channel and has started knocking at the crucial levels. If Axis Bank manages to sustain above Rs 1300 for a while I think that can lead all the way to Rs 1450-1500 price band." Disclosure: The above stock recommended to our clients and we might have direct holdings in this.