On October 28, 2024, Axis Bank‘s shares experienced a noticeable decline while the broader market indices, Nifty and Sensex, made gains. Despite a generally optimistic market atmosphere, Axis Bank’s performance stands in stark contrast, reflecting specific challenges for the banking sector.
| Table of Contents |
|---|
| Performance Summary |
| Daily Trading Details |
| Technical Analysis |
| Moving Average Analysis |
| Market Position |
| Shareholding Pattern |
| Peer Comparison |
| Concluding Notes |
Performance Summary
On this trading day, Axis Bank shares were down by -1.43% at a price of ₹1170.65. In contrast, the Nifty index rose by 0.65%, while the Sensex saw an increase of 0.76%, trading at ₹80005.04.
Daily Trading Details
Beginning the day at an opening price of ₹1190.05, Axis Bank’s share price displayed volatility, hitting a high of ₹1192.75 before settling at ₹1170.65 by the market’s close. The share also marked a low at ₹1166.75, indicating a turbulent trading session. Notably, trading volume surged, being 76.37% higher than previous sessions, hinting at intensified market interest.
Technical Analysis
The position of Axis Bank shares relative to various moving averages shows that they are trading above the 10-day Simple Moving Average (SMA) but are lower than the 5, 20, 50, and 100-day SMAs. Key support levels are identified at ₹1161.27, ₹1150.68, and ₹1134.32, while resistance levels are noted at ₹1188.22, ₹1204.58, and ₹1215.17.
Moving Average Analysis
The current Simple Moving Averages for Axis Bank are:
| Time Frame | SMA Value |
|---|---|
| 5 Days | ₹1176.49 |
| 10 Days | ₹1168.16 |
| 20 Days | ₹1179.45 |
| 50 Days | ₹1188.75 |
| 100 Days | ₹1205.46 |
| 300 Days | ₹1148.75 |
These indicators suggest a struggle for both short-term and long-term price momentum.
Market Position
Fundamentally, Axis Bank holds a solid position with a Return on Equity (ROE) of 18.40%, a Price to Earnings (P/E) ratio of 13.24, and a Price to Book (P/B) ratio of 2.13. Analysts note a median one-year forecasted upside of 16.77%, possibly targeting ₹1367.00.
Shareholding Pattern
A review of Axis Bank’s shareholding reveals no promoter holding, a mutual fund holding of 4.79% (a decrease from 4.91% in June), and a Foreign Institutional Investor (FII) holding of 51.77%, also lower from 53.42% in June. This decrease in holdings may signal investor caution.
Peer Comparison
In comparison with its peers, Axis Bank is experiencing a decline while competitors such as ICICI Bank, State Bank of India, and Bank of Baroda are on the rise. Interestingly, Kotak Mahindra Bank also faced a downfall on this trading day, indicating sector-wide movements.
Concluding Notes
Despite the day’s decline, there are initial signs of a potential trend reversal for Axis Bank. Investors are advised to monitor for sustained movements and trends, particularly given the latest high volume of trades, signaling considerable market interest in the stock.
FAQ
1. Why did Axis Bank’s share price decline while the Nifty and Sensex gained?
Axis Bank faced specific challenges leading to a decline, despite overall positive market conditions.
2. What are the key indicators to watch for Axis Bank shares?
Investors should pay attention to trading volume, moving averages, and support and resistance levels.
3. How does Axis Bank compare to its peers in the banking sector?
While Axis Bank experienced a decline, many of its peers have shown gains, indicating varying performance within the sector.
