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Last Updated : Oct 12, 2020 03:07 PM IST | Source: Moneycontrol.com

Quant Pick - Axis Bank: ICICI Direct

According to ICICI Direct, Buy Axis Bank in range of Rs 455-465,Target: Rs 545,Stop Loss: Rs 416,Time frame: Three months.

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ICICI Direct's research report on Axis Bank

Derivatives & Quantitative Outlook

Banking stocks have relatively underperformed in the last few months while the broader market has seen a good recovery. Most banking stocks remained largely range bound in the last six months. However, heavily beaten down stocks from the sector have started exhibiting relative outperformance in the recent up move. Unlike other stocks, the open interest in Axis Bank remained high as it has remained under pressure since July 2019. The sell-off in March has been quite relentless as the stock got dragged below Rs 300 levels from highs of Rs 750, which were seen in February 2020. A significant sell off in the stock has risen in open interest. The first few sessions of the new series saw closure of open interest suggesting continuing short covering. We believe ongoing short covering will continue, which should take the stock higher.

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First Published on Oct 12, 2020 03:07 pm