Technical Analyst Ashwani Gujral has suggested investors to buy ‘Axis Bank’ stock for short term. The stock has been performing well from last few weeks.

Interested investors can buy the stock at Rs 1008 with a strict stop loss of Rs 985 for achieving a short term target of Rs 1150 within a period of 4-5 weeks.

Today, the stock has gained 0.61% at Rs 1,040.20 up till now (12:15 pm) on BSE, and it will surely achieve this target within said time period.

The stock still has good potential and it is rising exponentially year over year and offering up plentiful scope for investments.

Today, the stock has seen a 52-week high of Rs 1,054 on BSE. With an EPS of Rs 22.38, the stock is currently trading with a P/E of 46.49. The net profit for the last quarter was Rs 227.82 crore, and the company has great expectations from the results to be announced this month.

Axis Bank has informed that a board meeting will be held on Jan. 9 to mull over and sanction the unaudited quarterly financial results of the Bank for the quarter ended Dec. 31, 2007 (Q3).

For the quarter ended September 2007, the bank has reported a phenomenal jump in net profit. During the quarter, the company reported a 60.46% rise in profit to Rs 2,278.20 million from Rs 1,419.80 million in the same quarter, last year.

Other banking stocks looking brilliant for short term are ICICI Bank, Kotak Mahindra and HDFC Bank.