Buy Axis bank, target of Rs 759: Angel Broking

Angel Broking has maintained its buy rating on Axis Bank with a target price of Rs 759 in its March 26, 2009 research report.

"Axis Bank had been gradually re-rated from sub 1x P/ABV multiples up to April 2003, with a median P/ABV of 2.8x since April 2007, as the market continued to recognise and reward its transformation into a strong Private Sector Bank with an attractive potential for wealth creation. At current valuations, the stock is once again trading at sub 1x P/ABV multiples on exaggerated concerns regarding asset quality and top management continuity, which we believe offer substantial margin of safety even based on our worst case sensitivity analysis. We maintain a Buy on Axis Bank, with a target price of Rs 759, implying an upside of 91%," says Angel Broking's research report.

Next Target + Support

Next target is 550 and support is 440

Target 440 met. Infact the stock moved to 452 but closed at 435 clearly showing the resistance.

Should have beleived in the target and made some sale.

To sell or not to sell that is the question.

US markets fell 200 points today. Most likely the stock will fall tomorrow. Will need to check on opening and make a decision based on Asian markets.

4 Year Weekly

Added resistance around 759 based on post by Angel brokering

Resistance at 440 wait and watch.

6 months daily chart

Plotted resistance at 375 based on comment below

Neera Jain: I suggest the investor to book profit partly at Rs 375-440 levels. The investor can also make a fresh entry into the stock at Rs 330 levels.

Based on NDTV