Axis Bank declines 9% in ten days

Axis Bank fell 0.85% to Rs 679.35 on BSE, extending its losing streak to tenth consecutive trading session.

Shares of Axis Bank have fallen 9.33% in ten trading sessions from its previous closing high of Rs 749.25 posted on 10 November 2021. The counter is down 21.6% from its 52-week high of Rs 866.60 hit on 25 October 2021. The stock is trading 19.5% above its 52-week low of Rs 568.45 recorded on 22 December 2020.

Shares of the private sector bank have fallen 19.6% in last one month as compared to 3.2% decline in benchmark Nifty 50 index.

On the technical front, the stock's RSI (relative strength index) stood at 22.271. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading below its 50 and 100 days simple moving average placed at 770.68 and 764.54 respectively. These levels will act as crucial support zones in near term.

Axis Bank is a private sector bank offers the entire spectrum of financial services to customer segments covering large and mid-corporates, MSME, agriculture and retail businesses. As on 30 September 2021, the bank had a network of 4,679 domestic branches and extension counters situated in 2,658 centres compared to 4,568 domestic branches and extension counters situated in 2,582 centres as at end of 30 September 2020.

The private bank's net profit surged 86.21% to Rs 3133.32 crore on 2.99% increase in total income to Rs 20134.39 crore in Q2 FY22 over Q2 FY21.

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