Shares of Axis Bank are facing pressure in trade on Friday, as part of broad-based pressure on Indian equity markets. The stock is currently trading at Rs 1,268, accounting for a drawdown of 1.91% compared to Thursday's closing price of Rs 1,296.30.
Trading with a relative strength index of 44, which suggests neutral market sentiment, shares of Axis Bank have risen 8.2% in the past 12 months while remaining flat on a year-to-date basis.
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The relative drawdown in Axis Bank shares today is part of a broader pressure on Indian stock market, amid volatility in West Asia and rising crude prices that have forced foreign investors to play safe and rely more on safe haven assets.
Axis Bank's pressure in trade today falls in line with Nifty Bank's 1.18% drawdown whereas the Nifty is trading with cuts of more than half a percent.
Should you buy Axis Bank?
Analysts are largely positive on Axis Bank, with 47 of the 50 analysts covering the stock having a buy 'rating' on the counter, whereas two have a 'hold' rating. Only one analyst as a 'sell' rating on the counter, according to data from Bloomberg.
Taking that into account, the average 12-month target price for Axis Bank stands at Rs 1,583, which implies an upside potential of around 24% from current levels.
ALSO READ: India's Axis Bank Raises $500 Million In Offshore Loan From MUFG
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