Fundamentally Axis Bank looks okay at the current levels; it’s quoting at about ten times March ’10 earnings and about 1.5 times March ’10 book value. But the FII (Foreign Institutional Investor) holding in this bank is about 28%. So in the short-term it could be a drag on the stock because some of the FIIs continue to do relentless selling and that could see even Axis Bank stock also been dumped. So fundamentally its fine, one can hold on for a longer period of time but in the short-term on account of high FII holding maybe the stock could drift a little from here."
