On Friday, June 25, Axis Bank was up 3 percent in a sector that did well. The Nifty Bank was up about 1.5 percent and in that, Axis Bank outperformed it by a factor of 2.

However, not just the Nifty Bank, in fact, the stock price movement for all the large private banks and all the large banks on the Nifty in the month of June have largely been green- Axis Bank outperformed, it is up around 1.5 percent as against State Bank of India (SBI) which is up 1 percent, HDFC Bank is absolutely flat, while ICICI Bank and Kotak Mahindra Bank are on the red side.

A lot of long positions have been added on day one of the July series and Axis Bank saw about 5 percent jump in open interest, so a fair amount of long positions being added and at Rs 760, the stock sits at a level where there is a firm amount of support at lower levels. It saw the 20-day moving average (DMA) at Rs 743, the 50-day moving average at Rs 720 and importantly, the 100-day moving average at Rs 723. So, a decent amount of support and on the way up to watch out for Rs 799, which is a 52-week high of Axis Bank.

On Friday, with the stock moving higher, with it crossing its 20-day moving average, deliveries also were higher than the average for the month of June, 48 lakh shares were marked for delivery as against 33 lakh shares.

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(Edited by : Dipika Ghosh)