Axis Bank share price has been a topic of interest among investors, especially as of October 17, 2024. The stock is currently trading at approximately ₹1,131.85 on the NSE, reflecting a slight decline from its previous close of ₹1,184.25. This article provides a detailed update on Axis Bank’s share performance, expected target prices, important technical levels, and reasons for a bullish outlook today.
Main Points
As of October 17, 2024, the share price of Axis Bank is ₹1,131.85. The stock has seen a day range between ₹1,166.00 and ₹1,188.20. Over the past week, the stock has experienced a minor decline of about 0.50%, while it has decreased by approximately 9.59% over the last three months. However, over a six-month period, it has shown resilience with an increase of around 7.78%.
Analysts have varied opinions regarding the target price for Axis Bank shares. Some analysts suggest a long-term target price of around ₹1,020 based on current market conditions and performance metrics. However, considering recent growth trends and market sentiment, there are expectations that the stock could rebound towards higher resistance levels if it breaks through key technical barriers.
Axis Bank’s stock is closely monitored for specific support and resistance levels:
- Resistance Levels:
- First Resistance: ₹1,196.13
- Second Resistance: ₹1,213.87
- Third Resistance: ₹1,224.93
- Support Levels:
- First Support: ₹1,167.33
- Second Support: ₹1,156.27
- Third Support: ₹1,138.53
The stock is currently trading below its 50-day moving average (DMA) but is forming a base on its weekly chart. A breakout above the first resistance level could signal further upward momentum.
Reasons for Bullish Sentiment Today
Several factors contribute to the bullish outlook for Axis Bank shares:
- Strong Financial Performance: Axis Bank reported a year-on-year increase in advances by 15.08%, significantly surpassing its five-year compound annual growth rate (CAGR) of 11.38%. This growth indicates robust demand for loans and effective management of assets.
- Falling Non-Performing Assets (NPAs): The bank has successfully reduced its gross NPA percentage to 1.43% and net NPA percentage to 0.31%. This decline in NPAs enhances investor confidence as it reflects improved asset quality and risk management practices.
- Market Positioning: Axis Bank has strengthened its position in the market through strategic acquisitions, such as the purchase of Citibank India’s consumer business, which boosted its credit card loans significantly. This move has improved its market share and revenue potential.
- Positive Economic Indicators: Recent economic indicators suggest stability in the banking sector with expectations of continued growth in retail banking and SME lending segments. As consumer confidence rises, banks like Axis are likely to benefit from increased lending activities.
- Technical Analysis Signals: The stock is currently forming a base and is close to pivot points that could indicate a reversal or continuation of upward trends if certain levels are breached. Investors are watching these technical signals closely.
Conclusion
Axis Bank’s current share price reflects both challenges and opportunities in the market. With strong fundamentals, decreasing NPAs, and strategic growth initiatives, there is optimism among analysts regarding future performance.
