Bank stocks fell across the board on Dec 29, pulling the Nifty Bank index down for the fourth day in a row.
Current Market Snapshot
The Nifty Bank index dropped 0.32% to 58,823.40 as of 12:25 pm Monday. Heavyweights such as IndusInd Bank, ICICI Bank and HDFC Bank led the decline.
Technical Outlook
Traders are watching a narrow price corridor. The index is stuck between roughly 58,600 on the downside and 59,600 on the upside.
- Key resistance: 59,500 – 59,800
- Immediate resistance: 59,300 – 59,400 (Choice Broking)
- Support zone: 58,500 – 58,800
- Immediate support: 58,700 – 58,800 (Choice Broking)
If the index closes above resistance, it could test the 59,800 – 60,000 range. A break below support may push it toward the 58,200‑58,000 area.
What Analysts Are Saying
SAMCO Securities notes that profit‑booking on small recoveries is keeping the index flat, with a lower‑high pattern still in place.
Angel One remains bullish, keeping 59,500‑59,800 as the main resistance to watch.
Ventura points to a tiered support ladder at 58,912, 58,813 and 58,679, and resistance at 59,145, 59,279 and 59,378. They also see a longer‑term upside target near 61,150‑63,470 if the market holds up.
Top Losers and Gainers
Biggest losers on the index were:
- IndusInd Bank – down 1.5% to ₹836.80
- AU Small Finance Bank – down nearly 1%
- ICICI Bank, IDFC First Bank, HDFC Bank – each down about 0.5%
Meanwhile, a few lenders managed modest gains:
- Punjab National Bank (PNB)
- Canara Bank
- Bank of Baroda
Takeaway for Retail Traders
The Bank Nifty is in a tight consolidation phase. Watch the 58,700‑58,800 support area for buying opportunities and the 59,500‑59,800 resistance zone for potential short‑term sells. A clear break in either direction could set the next short‑term trend.
Remember, this is perspective, not prediction. Do your own research and consider your risk tolerance before making any trades.