Buy Axis Bank, target price Rs 865: ICICI Direct

ICICI Direct has buy call on Axis Bank with a target price of Rs 865. The current market price of Axis Bank Ltd. is Rs 791.1.

Time period given by analyst is 1 month when Axis Bank Ltd. price can reach defined target.

Axis Bank Ltd., incorporated in the year 1993, is a banking company (having a market cap of Rs 244012.97 Crore).

Axis Bank Ltd. key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2021.

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 20285.41 Crore, down -3.53 % from last quarter Total Income of Rs 21028.45 Crore and up 4.23 % from last year same quarter Total Income of Rs 19461.77 Crore. The bank reported net profit after tax of Rs 2356.91 Crore in latest quarter.


Investment Rationale
The stock has witnessed a change of polarity as previous trend line resistance has reversed its role and acting as support which also confluence with the 100 days EMA (currently at Rs 755) as can be seen in the adjacent chart. Buying demand has emerged from the support area thus offers fresh entry opportunity

Promoter/FII Holdings
Promoters held 23.28 per cent stake in the company as of 30-Sep-2021, while FIIs owned 109.06 per cent, DIIs 44.34 per cent.