Axis Bank can jump up to 7% post Citi deal; needs to hold 200-DMA

The current momentum, which is showing stability above 200-DMA could see a gradual rally towards Rs 800 to Rs 815 levels, its next hurdle zone.

The acquisition of Citibank’s India consumer business by Axis Bank did not elicit much enthusiasm in the opening trades for the latter's stock on the NSE and BSE. Shares of Axis Bank opened 1.6 per cent higher at Rs 763, and have traded sideways so far in the day.

Axis Bank’s 52-week high stands at Rs 866.90 recorded in November 2021. The stock trades 19 per cent higher from its recent low of Rs 637. Any positive fundamental development in the business front, adds value, and the same impacts reflected in the share price. This consensus view of investors seems