Technical Analyst Hitendra Vasudeo (stockmechanics.com) has suggested investors to buy Axis Bank to be sold after Wednesday (9 Jan), as the bank will announce its quarterly results on 9 Jan.

Axis Bank informed that a meeting of the board of directors of the Bank will be held on Jan. 9, 2008, to consider and approve the unaudited quarterly financial results of the Bank for the quarter ended Dec. 31, 2007 (Q3).

The delivery call has been given as the stock has performing well from last few weeks.

Mr. Vasudeo has suggested investors to buy the stock at Rs 1026-Rs 963 with a strict stop loss of Rs 920 for achieving a target between Rs 1319- 1805.

He also suggested long-term investors to hold the stock.

Today, the stock has gained above 4% at Rs 1,015 up till now (12:52 pm) on BSE, and it will surely achieve this target within said time period.

The stock still has good potential. The banking institution with the huge expansion plans and capital expenditure is rising speedily. It has big client list and its strong network is likely to develop exponentially year over year providing plentiful scope for investments.

Today, the stock has seen a 52-week high of Rs 1,026 on BSE. With an EPS of Rs 22.38, the stock is currently trading with a P/E of 45.19.

Axis Bank has reported a phenomenal jump in net profit for the quarter ended September 2007. 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.