Axis Bank may slip to Rs 1170: Thacker

Axis Bank may slip to Rs 1170, says Mitesh Thacker, Technical Analyst, miteshthacker.com.

Thacker told CNBC-TV18, "The bank Nifty itself is now again looking suspect because the support of 10,600 is coming under a lot of pressure, we are seeing stocks like Axis Bank make a new low. Last couple of declines, I think the downtrend ended at Rs 1,250-1,255 levels, today the stock price is trading below that firmly with good volumes. I think it is indicating that the support, which is at Rs 1,250, will not hold and it will decline further. My belief is that the stock price could easily head towards targets of about Rs 1,170 over the next few days." The company's trailing 12-month (TTM) EPS was at Rs 70.70 per share. (Sep, 2010). The stock's price-to-earnings (P/E) ratio was 17.53. The latest book value of the company is Rs 391.54 per share. At current value, the price-to-book value of the company was 3.17. The dividend yield of the company was 0.97%.