Tuesday, 18 November 2008

Buy Axis Bank on declines: Baliga

Ambareesh Baliga of Karvy Stock Broking is of the view that one can buy Axis Bank on declines.

Baliga told CNBC-TV18, "In Axis Bank one should look at lower level and buy more because I don’t see an issue here; people believe that there could be an issue with the SME sector where Axis Bank has an exposure but clearly looking at the performance, which it has given in the past I don’t see the NPA’s rising much more from here and there could be possibly a rise of 0.2 or 0.3% but there is already there in the price to a very large extent, so if it falls about 5% to 8% from here you should try and average out and look at the next up move, which possibly is around 9-12 months away."

Source: Moneycontrol

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