Bank Nifty crosses 60,000 amid sharp intraday recovery as Axis Bank, AU SFB shares rise up to 3%: Check key trading levels

Nifty Bank

• Nifty Bank index crossed 60,000, gaining 0.8 percent after sustained buying
• Axis Bank and AU Small Finance Bank led gains, rising over 3 percent each
• Volatility expected ahead of Union Budget; index may consolidate near 60,400

Did our AI summary help?

The Nifty Bank index crossed the key psychological mark and an important resistance level of 60,000 after six sessions on January 29 as sustained buying interest in public and private ban stocks pushed the index higher.

The index gained around 0.8 percent (461.9 points) to 60,060.70. This marks a recovery of over 1.2 percent (722 points) from its day’s low of 59,339. Nifty Bank is now on track to record its third consecutive session of gains.

Axis Bank shares were the top gainers on the index, rising more than 3 percent to trade at Rs 1,363.30 apiece. AU Small Finance Bank shares meanwhile gained around 3 percent.

ICICI Bank, Federal Bank and Punjab National Bank (PNB) shares rose around 1 percent, while State Bank of India (SBI), HDFC Bank, IDFC First Bank and Kotak Mahindra Bank shares were trading in the green with marginal gains.

IndusInd Bank, Yes Bank, Bank of Baroda, Union Bank of India and Canara Bank shares bucked the trend to trade in the red.

Technical view on Bank Nifty:

Immediate resistance is placed at 59,900–60,000, while strong support is seen in the 59,300–59,400 zone, said Hitesh Tailor, Research Analyst at Choice Broking.

Immediate resistance is placed at 59,700; a decisive move above this level could further improve sentiment in the banking space, said Rupak De, Senior Technical Analyst at LKP Securities. The analyst sees the index finding support at 59,400 and 59,000.

"Volatility is likely to stay elevated in the coming sessions due to the Union Budget on February 1, 2026, and uncertain global cues. Index in the short term is likely to consolidate in the range of 60,400-58,500. Only a move above the recent high of 60,400 will open further upside towards the 61,500 levels. Key support...is placed at 58,000-57,500 levels, being the confluence of the 100-day EMA and the major breakout area. The daily stochastic has generated a buy signal moving above its nine-period average, thus validating positive bias," said Bajaj Broking.

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