The Bank Nifty index jumped back into green territory this morning, briefly crossing the 59,000 mark after four straight days of losses.
Morning Recovery
After falling to a low of 58,737.60, the index climbed more than 300 points to reach a high of 59,076.10. Shares of Axis Bank and Canara Bank were the biggest contributors to the rise.
Key Technical Levels to Watch
- Resistance: 59,150–59,250 (near‑term); 59,500 could unlock a move toward the all‑time high around 60,100.
- Support: 58,300–58,600 (strong base); 58,800–58,500 also important if the market turns lower.
- Current Zone: The index is trading between the 50‑day moving average (~58,700) and the middle Bollinger Band (~59,200), indicating limited volatility for now.
Analyst Views
Most analysts say the index will stay in a tight range of 58,500 to 60,100 for the next few weeks. A clear break above 59,500 could trigger fresh upside, while staying above the 58,300–58,600 support keeps the overall trend positive.
Top Gainers and Losers
- Gainers: Axis Bank (+~1%), Canara Bank (+~1%), Federal Bank (+~1%).
- Also in the green: AU Small Finance Bank, State Bank of India, Bank of Baroda, Punjab National Bank, IDFC First Bank.
- Losers: ICICI Bank, HDFC Bank, IndusInd Bank, Kotak Mahindra Bank.
What Retail Investors Should Keep an Eye On
Watch for the index to hold above the 58,300–58,600 support zone. If it manages to push past 59,500, the next target could be the recent high near 60,100. Conversely, a slip below 58,300 may signal more downside pressure.
Disclaimer
Remember, this is my perspective, not a prediction. Do your own research and consider your risk tolerance before making any investment decisions.