Book profit in Axis Bank around Rs 1420, says PN Vijay

PN Vijay, Portfolio Manager, www.askpnvijay.com advises traders to book profit in Axis Bank around Rs 1420.

Vijay told CNBC-TV18, “Axis Bank has been a long-term favourite in my portfolio because I could see a transition of that bank in the last two years from basically being a corporate bank allied parentage with UTI to more of a HDFC, ICICI Bank type of model, the retail assets etc. So that obviously means more net interest margins (NIMs) and probably less non-performing assets (NPAs) given the tough industrial environment we had. So the direction was good.”
He further added, “Axis Bank is proving its name, it is one of the blue-chip companies but at Rs 1,420 I do not know, I think at Rs 1,420 again prices have run ahead of valuations, one should probably book some profits now. If you ask me, people who have made good profits in Axis Bank, should book in.”