Shift from Axis Bank to ING Vysya Bank: Tater

According to Aashish Tater, Head of Research of Fortunewizard.com, one can switch from Axis Bank to ING Vysya Bank. He feels ING Vysya is likely to hit a target of Rs 750 in one year period.

Tater told CNBC-TV18, “Axis Bank is facing resistance around its Rs 1,520 odd level and it has made a double top around that level. If it closes below Rs 1,460 then the stock will eventually tank to Rs 1,400.”
He further added, “Fundamentally speaking, this bank has been given some doubt because of the Cobrapost expose. We were looking for safety net and we felt that it is better that something which is right now being questioned in terms of quality should be switched to a bank where there is relatively safety. In the investor is making good amount of profit in Axis Bank then it will be a good idea either to switch to something like ICICI Bank. One can look for something on a similar line, something like City Union Bank where we expect Rs 69 in short term.”
“Even from midcap space, one can switch to something like ING Vysya Bank which is likely to give a target of Rs 750 from next one year perspective. So what will happen is that one can double quantity into ING Vysya Bank and remain invested with the same amount which will be a very good switch. Given that it is also a high quality bank - that will be a very good strategic switch given there are some regulatory issues going on in Axis Bank and ICICI Bank,”he added.