Bank Nifty slipped below the 60,000 mark on Wednesday, pulled down by sharp falls in two major lenders.
Market Overview
The index opened lower and touched an intraday low of 59,771.95, ending the day more than half a percent down. Ten of the 14 banks in the index closed in the red, showing widespread selling pressure.
Key Bank Performances
- HDFC Bank extended its decline for the third day, losing about 5.5% over three sessions.
- IndusInd Bank fell over 2%, erasing the gains it made the day before.
- Bank of Baroda was the biggest laggard in the PSU bank index, dropping around 0.62%.
- Bank of India and Punjab National Bank slipped 0.23% and 0.08% respectively.
Technical Outlook
Analysts see the 60,400‑60,500 range as a key resistance level. A firm break above 60,500 could push the index toward 61,100 and maybe 61,600 in the short term. On the downside, the 59,600‑59,700 zone is likely to act as support.
PSU Bank Index
The PSU bank index, which had risen for a week, turned negative, falling up to 1%.
Remember, this is just an overview, not a prediction. Do your own research or consult a certified advisor before making any investment decisions.