Technical Analyst, Sudarshan Sukhani has maintained buy rating on Axis Bank with a target price above Rs 713.

According to analysts, investors can buy the stock on dips with a stop loss of Rs 680.

Shares of the company, on Friday (May 15), closed at Rs 659.40 on the Bombay Stock Exchange (BSE). The total volume of the shares traded was 1,194,521. The share price has seen a 52-week high of Rs 917.40 and a low of Rs 278.50 on BSE.

Mr. Sukhani said, “Axis Bank is showing a lot of strength. It is on the verge of another breakout, which means that there is an intra-day buying opportunity and you can invest on dips.”

“Same thing is happening to Yes Bank; I think it is far better to focus on Axis Bank because the chart of Axis Bank is promising to be superior,” he added.

On May 15, the bank slashed its benchmark prime lending rate (BPLR) by 50 basis points (bps) to 14.75%.

All the banking institutions in India are slashing their lending rates after the central bank (RBI) started slashing its key rates from last October to lift the slowing economic system.

The bank, on May 14, declared that its directors has made the allotment of 3,95,192 equity shares of Rs 10/- each to the employees of the Bank, under ESOP.

The paid up share capital of the Bank will accordingly get increased to 35,94,41,607 equity shares from 35,90,46,415 equity shares.

The board of directors of Axis Bank, at its meeting held on April 20, 2009, nominated shikha Sharma as the managing director (MD) and CEO of the bank.

The appointment will be for a period of 5 years.