Axis Bank can test Rs 1124-1125, says Sanjay Vaid of SBI Capital.
Vaid told CNBC-TV18, "Axis Bank has very decent margins of 3.3% and a good asset quality. The management is very confident of delivering growth higher than industry levels and they have been doing that consistently over past few quarters." He further added, "The stock has given a very decent rebound from the crucial support of Rs 1050-1060 levels and the short covering which we saw on Friday was supported with reduction on OI which clearly shows that there is amount of short covering happening in the stock. Given that stock sustains at these levels and there is further short covering there is full chances that the stock can rebound from these levels and head towards 1124-1125 levels."Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!