Bank Nifty falls 1%, breaches key support levels amid overall market downturn: Check key trading levels

Nifty Bank declines

• Nifty Bank index fell over 562 points, snapping 3-day gains
• Kotak Mahindra Bank led losses, falling nearly 2 percent
• Nifty Financial Services, PSU, and Private Bank indices fell.

Did our AI summary help?

The shares of banks dropped in trade on February 19, pushing the Nifty Bank index down to snap a three-session gaining streak. The index is currently hovering below the 61,000 mark.

The index was down more than 562 points (0.91 percent) to 60,988.60, as seen at 2.40 pm on Thursday.

Top losers on Nifty Bank today:

Kotak Mahindra Bank shares were the top loser on the index, falling nearly 2 percent. The shares of Punjab National Bank (PNB), Axis Bank and ICICI Bank dropped more than 1 percent each, while those of IndusInd Bank, Canara Bank, Union Bank of India, IDFC First Bank, Yes Bank, Federal Bank and HDFC Bank shares fell nearly 1 percent each.

State Bank of India (SBI), Bank of Baroda and AU Small Finance Bank shares meanwhile were trading in the red with marginal losses.

Nifty Financial Services also declined, falling 0.86 percent to 28,219.75. The PSU and Private Bank indices meanwhile fell 0.7 percent and 0.9 percent respectively.

Technical view on Bank Nifty:

Hitesh Tailor, Research Analyst at Choice Equity Broking said that the immediate support was seen in the 61,250–61,350 range, while 61,750–61,850 continues to act as a major resistance zone. Notably, the index has already fallen below the said support zone.

"On the higher end, the index may move towards 62,000 and possibly higher. On the lower end, support is placed at 61,200,” said Rupak De, Senior Technical Analyst at LKP Securities. Notably, this support level too has been breached by the index.

Gaurav Udani, Founder - ThincRedBlu Securities meanwhile said that resistance is placed at 61,800–62,000, with support at 61,200–61,000.

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