Hold Axis Bank, says Gaurang Shah

Gaurang Shah of Geojit Financial Services told CNBC-TV18, "We do have a hold recommendation on Axis Bank. There has been problem in the last two or three quarter numbers that we saw and the visible improvement in the quarters to come by, it comes in from the verbatim that the management has spent. Of course this entire resolution of NPAs and the steps taken by the government to resolve the long pending issues should translate into positivity. So, purely from a long term point of view, you can definitely continue to hold on to it."

Axis Bank ended at Rs 519.90, up Rs 9.90, or 1.94 percent on the BSE.