On 29-10-2024, Axis Bank successfully gained 0.08%, trading at ₹1171.55. The stock opened sharply at ₹1179.95, but closed slightly lower on the previous trading day, consistent with broader market trends. Investors are closely monitoring the support and resistance levels as the stock shows movement against the backdrop of fluctuating market conditions.
| Table of Contents |
|---|
| Market Performance |
| Technical Analysis |
| Financial Indicators |
| Forecast and Shareholders |
| Comparative Analysis |
| Conclusion |
Market Performance
On the trading day of October 29, Axis Bank’s stock displayed notable activity with a high of ₹1179.95 and a low of ₹1158, showcasing volatility amid its overall positive gain. Meanwhile, the Sensex is currently trading at ₹79728.03, reflecting a decline of -0.35%, indicating a backdrop of cautious trading sentiment in the Indian market.
Technical Analysis
From a technical perspective, Axis Bank is trading above the 10-day SMA while falling short against the 5, 20, 50, and 100-day SMAs. This setup suggests that while short-term momentum is favorable, the stock struggles to maintain longer-term support. The support level is pegged at the 10-day SMA, while major resistance can be found at the 5, 20, 50, and 100-day SMAs.
Key resistance levels are marked at ₹1188.22, ₹1204.58, and ₹1215.17, while significant support levels are identified at ₹1161.27, ₹1150.68, and ₹1134.32 based on classic pivot level analysis.
Financial Indicators
In trading volumes, Axis Bank saw a brisk surge, with transactions on the NSE and BSE rising by 26.39% compared to the last session, suggesting increased investor interest. The bank boasts a **Return on Equity (ROE)** of 18.40% and a **Return on Assets (ROA)** of 1.85%. The current P/E ratio stands at 13.04, while the P/B ratio is recorded at 2.10, highlighting a balanced valuation relative to its peers.
Forecast and Shareholders
The median 1-year forecasted upside for Axis Bank shares is currently projected at 16.68%, with a target price set at ₹1367.00. Notably, the promoter holding remains at 0.00%, while mutual funds hold 4.79%, and foreign institutional investors (FIIs) hold a significant 51.77% as of the September quarter, indicating a robust structure in the investor base.
Comparative Analysis
Understanding the position of Axis Bank in the market is crucial as it gained a modest 0.08% today, contrasting with peers like Kotak Mahindra Bank, which is witnessing declines. Meanwhile, other financial giants such as ICICI Bank, State Bank of India, and Bank of Baroda are making gains, reflecting diverse performance across the banking sector. It’s noteworthy that both Nifty and the Sensex are experiencing a downturn of -0.35%.
Conclusion
Axis Bank’s slight positive movement amidst a general market slump is indicative of its potential resilience and investor interest. As the financial environment continues to evolve, stakeholders should remain vigilant on ongoing support and resistance levels while regularly reviewing the broader market dynamics. For more details, visit [this link](https://www.livemint.com/market/market-stats).
FAQ
Q: What are the key support and resistance levels for Axis Bank?
A: Key resistance levels are ₹1188.22, ₹1204.58, and ₹1215.17, while support levels are ₹1161.27, ₹1150.68, and ₹1134.32.
Q: How has the trading volume of Axis Bank changed recently?
A: The volume traded on the NSE and BSE for Axis Bank is up by 26.39% compared to the previous trading session, indicating significant price movement.
Q: What is the forecasted price for Axis Bank in the next year?
A: The median forecasted upside for Axis Bank is projected at 16.68%, with a target price of ₹1367.00.
