Axis Bank shares increased to a new all-time high of $879.85 per share on the NSE, surpassing the previous high of 866.90 per share set on October 25, 2022.
Axis Bank share price today opened with an upside gap in early morning trades and went on to record a new high, increasing by about 6% from its previous finish of 825.85 per piece.
The impressive Q2FY23 results that were reported yesterday are expected to keep Axis Bank shares in an upswing, according to stock market experts.
They said that the majority of banks have overcome the difficulties brought on by Covid, and that Axis Bank has been able to post increased profits as a result of reduced provisioning.
In addition, the bank has reported improved Net Interest Income (NII) and Net Interest Margins as a result of increased interest rates (NIM).
Axis Bank shares are anticipated to continue rising and may reach $1170 by Diwali of the following year, they continued.
The CEO of GCL Securities, Ravi Singhal, commented on the forecast for the price of the Axis Bank share "In its Q2FY22 results, Axis Bank was able to post better margins and NII.
Markets are very positive on Axis Bank shares as a result of these solid quarterly results, and bulls anticipate that the private lender will continue to improve its NII and NIM in forthcoming quarters as well due to rising interest rates."
Executive Director at Choice Broking, Sumeet Bagadia, expressed the following opinion regarding Axis Bank shares:
"Axis Bank shares have broken out at about 865 levels, and if the stock closes above this level in the near future, we may anticipate a move up to 920 levels per share.
As a result, one can purchase the stock at the current price with a 920 objective and an 820 stop loss. If the stock reaches around 850 levels, it is encouraged to buy more because the script anticipates profit booking."
Ravi Singhal of GCL Securities advised positional investors to purchase and hold the stock until next year's Diwali "The stock can be purchased and held till Diwali 2023. For a target of 1170 in a year, an investor can keep accumulating in the area of 850 to 800."
Axis Bank recorded a consolidated net profit of 5,330 crores in Q2FY23, an increase of 70% over Q2FY22's net profit of 3,133 crores.
Net interest income (NII) for the private lender increased 31% YoY to 10,360 crore from 7,901 crore in the previous quarter.
According to a BSE report by the private lender, net interest margin (NIM) for Q2FY23 was 3.96 percent, increasing 57 percent year over year and 36 percent quarter over quarter.
