Axis Bank can jump up to 7% post Citi deal
Published On: Thursday, March 31, 2022 | By: Team KnowMyStock
The acquisition of Citibank’s India consumer business by Axis Bank did not elicit much enthusiasm in the opening trades on the NSE and BSE. Shares of Axis Bank opened 1.6 percent higher at Rs 763, and have traded sideways so far in the day. Axis Bank’s 52-week high stands at Rs 866.90 recorded in November 2021. The stock trades 19 percent higher from its recent low of Rs 637. Any positive fundamental development on the business front, adds value, and the same impacts are reflected in the share price. It is largely felt by the investors that the stock price moving higher in the future.
Following is the outlook for Axis Bank basis on the charts for the upcoming sessions:-
Axis Bank Ltd
Likely target: Rs 815
Upside potential: 7%
The shares of Axis Bank are making efforts to sustain above the Rs 746.30-mark, which is its 200-day moving average (DMA). The trendline support comes at Rs 735 levels. The Moving Average Convergence Divergence (MACD) attempts to conquer the zero line upward. If that happens, the momentum could gain strength leading to an upward rise in the stock price, indicates the daily chart.
The medium-term outlook seems well poised above the support of the 200-weekly moving average (WMA) placed at Rs 651 level.
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