Axis Bank posted good set of results after disappointments by IndusInd Bank, Kotak Bank and HDFC Bank. Though Net profit is below estimates but it witnessed decent loan growth of 5.5% and NII growth of 15%. Slippages have increased due to exposure to telecom sector but there is no sharp rise in stressed assets.
Stocks has already corrected ahead of results where 710- 700 is a strong support area for the stock and if it manages to hold this level then we can expect a short covering rally towards 200-DMA of 733.
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