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| Item Details | Price | ||
|---|---|---|---|
Stock name: Axis Bank
Pattern: Near a very crucial support
Time frame: Monthly
Observation: We are looking at the monthly chart of Axis Bank. The level of 643 was a very stiff resistance for the bank since 2015, which it finally broke in 2019. After 6 months of the breakout, there was intense selling in the counter and then the Covid crash took the stock further down. The previous resistance of 643 had later turned into a strong support from where the price bounced three times (in the monthly time frame). This support, if taken out in a monthly candle, can lead to intense selling in the counter and make it very weak on a positional basis.
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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.
News for the day:
1) The June 2022 PMI for India has been released. The manufacturing PMI is in a downtrend with the current PMI at 53.90, which is the lowest in the previous many quarters. Contrarily, the services PMI stood at 59.2, which is the highest in the last many quarters.
2) HDFC Bank reported provisional numbers for Q1 2023 on 4th July to the exchanges. The Bank’s advances aggregated to approximately ₹ 13,950 billion as of 30 June 2022, a growth of around 21.5% over 30 June 2021 and a growth of around 1.9% over 31 March 2022. The bank’s CASA ratio stood at around 46% as of 30 June 2022 as compared to 45.5% as of 30 June 2021 and 48.2% as of 31 March 2022.
3) IDFC Bank reported provisional numbers for Q1 2023 on 2nd July (Saturday) to the exchanges. CASA ratio stood at 50.3% as of 30 June 2022 as compared to 48.4% as of 31 March 2022. Mortgage business including home loans grew by 31.9% on a Y-o-Y basis and constituted 37.5% of the retail book. All asset quality parameters on the portfolio and overall collection efficiency continued to improve during Q1 FY 23 and are in line with improving trend of the past quarters.
4) The Central Consumer Protection Authority (CCPA) on Monday barred hotels and restaurants from adding service charge “automatically or by default” in the food bill. It said that in case of violation, a consumer can ask the hotel / restaurant to remove the service charge, or seek redressal by filing a complaint. The hotel stocks are flat to up 1% today.