Axis Bank rises 16% in six days

Axis Bank surged 6.69% to Rs 504.70, extending its winning run to sixth consecutive trading session.

Shares of Axis Bank have jumped 16% in six trading sessions from its previous closing low of Rs 434.95 on 20 August 2020. The counter is up 77% from its recent 52-week low of Rs 285 posted on 25 March 2020. The stock hit a 52-week high of Rs 765.9 on 31 December 2019.

The stock is currently trading above its 50-day and 100-day simple moving averages placed at 438.67 and 420.84 respectively. These levels will act as crucial support in near term. The stock trades below its 200 days simple moving average placed at 549.30 which will act as resistance.

On the technical front, the stock's RSI (relative strength index) stood at 69.922. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

Axis Bank's option chain for 24 September 2020 expiry showed maximum call open interest (OI) of 29.32 lakh contracts at the 500 strike price. Maximum put OI of 11.08 lakh contracts was seen at 450 strike price.

Axis Bank is the third largest private sector bank in India. As on 30 June 2020, it had a network of 4,528 domestic branches and extension counters situated in 2,559 centres spread across the country.

The bank's net profit dropped 18.82% to Rs 1,112.17 crore while total income remained almost flat at Rs 19,125.57 crore in Q1 June 2020 over Q1 June 2019.

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