Go long in Axis Bank around Rs 1115-1120: Kulkarni

Axis Bank is looking good on the chart, so one can go long at around Rs 1115-1120, says Shardul Kulkarni, Sr.Technical Analyst, Angel Broking.

Kulkarni told CNBC-TV18, "In banking stocks Axis Bank is going to declare its results today. The bank on the chart still looks good. So I would look at Rs 1086 as stop loss in the Futures segment and actually go long in case of Axis Bank at around Rs 1115-1120." He further added, "The potential target, which we see for the October series futures is at around Rs 1175 for the Bank. So I would be bullish in case of Axis Bank. Similarly is the case with ICICI Bank as well as SBI." "The chart structure of all the banks are showing that, while falling they take much more time and while going up they are showing significant potential to move higher. So I would be bullish. In case of the Bank Nifty itself, I think support levels are at 11300 and so long as that holds on the bank nifty October Futures, I would still hold on to the long positions." Disclosures: It is possible that we have positions in the stocks discussed and we have recommended them to our clients.