Axis Bank Share Price Hits High
The impressive Q2FY23 results that were reported yesterday are expected to keep Axis Bank shares in an upswing, according to stock market experts. They said that the majority of banks have overcome the difficulties brought on by Covid, and that Axis Bank has been able to post increased profits as a result of reduced provisioning. In addition, the bank has reported improved Net Interest Income (NII) and Net Interest Margins as a result of increased interest rates (NIM). Axis Bank shares are anticipated to continue rising and may reach $1170 by Diwali of the following year, they continued.
Axis Bank shares establish a new all-time high on the NSE of $879.85 per share, surpassing the previous high of 866.90 per share set on October 25, 2022. Axis Bank share price today opened with an upside gap in early morning trades and went on to record a new high, increasing by about 6% from its previous finish of 825.85 per piece.
The CEO of GCL Securities, Ravi Singhal, commented on the forecast for the price of Axis Bank stock by saying, “Axis Bank has managed to post an improved margins and NII in Q2FY22 results. Markets are very positive on Axis Bank shares as a result of these impressive quarterly results, and bulls anticipate that the private lender will keep raising its NII and NIM due to rising interest rates.
Axis Bank shares have provided breakout at about 865 levels, and if the stock gives closing above this level, we may expect the stock to go up to 920 apiece levels in the near term, according to Sumeet Bagadia, Executive Director at Choice Broking. As a result, one can purchase the stock at the current price with a 920 objective and an 820 stop loss. If the stock rises to approximately 850 levels, one is recommended to buy more because profit booking is anticipated for the stock.
Ravi Singhal of GCL Securities advised positional investors to buy and hold the stock until Diwali the next year, saying, “One can buy and hold the stock for Diwali 2023.” An investor can continue to assemble in 850 to ₹800 range for one year target of ₹1170.”