Bank Nifty falls below 59,000 as IndusInd, ICICI, HDFC Bank shares fall up to 1.5%: Check key levels to watch out for

Nifty Bank declines

• Bank stocks fell for the fourth session, led by IndusInd, ICICI, and HDFC Bank.
• Nifty Bank consolidates; support at 58,800, resistance at 59,500.
• PNB, Canara Bank, and Bank of Baroda rose despite market declines.

Did our AI summary help?

Bank stocks declined on December 29, led by losses in heavyweights including IndusInd Bank, ICICI Bank and HDFC Bank. The Nifty Bank index has now declined for the fourth consecutive session.

The Nifty Bank index fell 0.32 percent to 58,823.40, as seen at 12.25 pm on Monday. Check key technical levels to watch out for some upside chances or more downside.

Technical view on Bank Nifty:

Nifty Bank index continued to find it difficult to gain upside traction, facing persistent supply at higher levels and swift profit-booking on even minor intraday recoveries, said SAMCO Securities. "The overall tone remained cautious and restrained, with the index largely moving within its established trading corridor," it said.

“From a technical standpoint, the index remains entrenched in a consolidation phase, with the broader range capped near 59,600 on the upside and supported around 58,600 on the downside. The continuation of a lower-high formation keeps 59,500 firmly positioned as a critical pivot for any meaningful trend reversal,” it added.

Angel One remained bullish on the index, stating that 59,500 -59,800 remain the key resistance levels to watch for. On the downside, the domestic brokerage sees the index finding support at 58,800 -58,500 levels.

The Bank Nifty is consolidating after its recent rally and is respecting key support levels, said Choice Broking. “Immediate support is seen at 58,700–58,800, while resistance is placed at 59,300–59,400. A decisive close above resistance could push the index toward 59,800–60,000, whereas a breakdown may extend consolidation,” it added.

According to Ventura's daily updates report, Bank Nifty will find its first support at 58,912, followed by 58,813 and 58,679. On the upper side, the brokerage said that the index will find resistance at 59,145, 59,279 and 59,378.

“If the trend is strong Bank Nifty will not breach (58080-57230) area. If these levels are breached one should wait for 56553-(55933-55345). Above 59478 we open for (59713 -60114- 61050—62540—63470) levels. Our view is after minor correction we have a high probability for Bank Nifty to cross 60114 and reach 61050—62540—63470 area,” Ventura said.

Top losers on the Nifty Bank index today:

IndusInd Bank shares were the top loser on the index, falling 1.5 percent o trade at Rs 836.80 apiece. AU Small Finance Bank shares followed, falling nearly 1 percent.

ICICI Bank, IDFC First Bank and HDFC Bank shares fell around 0.5 percent each, while Kotak Mahindra Bank, State Bank of India (SBI), Federal Bank and Axis Bank shares were trading in the red with marginal losses.

Bucking the trend, Punjab National Bank (PNB), Canara Bank and Bank of Baroda shares were trading in the green with marginal gains.

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