Axis Bank may test Rs 750, says Jai Bala

Jai Bala of cashthechaos.com told CNBC-TV18, "We look at the market from a macro technical perspective. I am very bullish on the Indian rupee, I think it is going to appreciate considerably. The bullishness emanates more from the Euro-INR cross rather than the USD-INR cross. That doesn't mean that USD-INR is going to depreciate or rather INR is not going to appreciate against the US dollar. However, the appreciation that you are going to see against the Euro is going to be very considerable compared to the appreciation it is going to see against the USD.""I am seeing a 20 percent appreciation come through for the Euro-INR cross. I am looking at a level of about 61 from the current level of 75 odd. That is a very important driver for the market although it is not a correlation, it is a supportive evidence of the bullishness that we are seeing in the market," he added."As far as market structure goes, I have been saying for quite some time that Reliance Industries is going to take the lead and I still insist on that view. The move from hereon till Rs 1100 is going to be a bit choppy. Once it takes out Rs 1100 it is going to be a much more smoother ride for the stock.""I am also positive on the FMCG space. Without the bank Nifty nothing is going to happen. Within the bank Nifty space I am very positive on Axis Bank. The February low that it made is very unlikely to be taken out. We are looking at something like Rs 600-750 for the stock from 45-60 weeks timeframe.""The banking stocks have all gone down to significant supports and taken a sort of base formation out there. Not exactly a clear base but they have found strong support at a significant juncture. The reversal in most of these frontline stocks is going to be quite important, ICICI Bank, State Bank of India, as well as Axis Bank.""The reason why I am more positive on Axis Bank than ICICI is that it is coming up from a very important multiple clusters from multiple time zones. So, it has got a very solid base. I am sure in a few weeks from now Axis is going to do what ICICI is doing right at this point of time," he said.