Axis Bank may slip to Rs 970, says Datta

Axis Bank is expected to fall to Rs 970, says Devangshu Datta, Consulting Editor with Business Standard.

Datta told CNBC-TV18, "Kotak Mahindra Bank got a hammering today and Yes Bank came down from highs. Axis Bank could drop to about Rs 970. HDFC Bank is pulled back, so there could be pressure but this could change over the weekend if some sort of Jackson’s Hole, some sort of bailout is organised, it’s possible." He further added, "I was intending to go long on IDFC this morning and I am very thankful I didn't. I think Rs 129-131 is a reasonable support and if it drops below that then something fairly serious is happening but its already loss about Rs 6-7 today. So, the trend looks a little bearish but I would really get interested if it drops below about Rs 129 because then I think it could drop back into the teen."