Bank Nifty reclaims 60,000 after 4 days, ahead of ICICI, HDFC Bank Q3 results: Check key resistance levels

Nifty Bank rises

• Nifty Bank index crossed 60,000 for first time in five sessions, up 1 percent
• Federal Bank, AU SFB and Yes Bank led gains
• Technical analysts see 60,000 as key breakout level for short-term bullishness

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The Nifty Bank index surged in trade on January 16, a day before heavyweights HDFC Bank and ICICI Bank released their respective results for the third quarter of the ongoing financial year 2026.

The index gained around 1 percent to 60,160.85 in the morning trading hours of Friday. This marks the first time the index has crossed the key psychological mark of 60,000 in five sessions.

Federal Bank shares were the top gainers on the index today, jumping around 6 percent to trade at Rs 261.35 apiece. The lender is set to release its results for the October-December quarter of FY26 today.

AU Small Finance Bank shares gained more than 3 percent, while Yes Bank, Punjab National Bank (PNB) and Canara Bank shares gained over 2 percent each. State Bank of India (SBI), IndusInd Bank and Bank of Baroda shares were up over 1 percent, while HDFC Bank, IDFC First Bank, Kotak Mahindra Bank and ICICI Bank shares were trading in the green with marginal gains.

Bucking the trend, Union Bank of India shares dropped 2 percent, while Axis Bank shares were trading in the red with marginal losses.

Technical view on Bank Nifty:

Aakash Shah, Technical Research Analyst at Choice Equity Broking said that 59,900–60,000 is now a crucial resistance cluster, adding that a sustained move above this could revive short-term bullishness. Notably, the crucial mark has already been broken by the index, On the downside, the analyst believes that 59,300–59,400 is key support, and a break below may trigger further consolidation.

Axis Securities meanwhile said that the trend-deciding level for the day is 59,567. “If Bank Nifty trades above this level, it may rally up to 59810-60039-60282 levels. However, if it trades below 59567 levels, we may witness profit booking in the market, and the index may correct up to 59337-59095-58865 levels,” the brokerage said.

Dhupesh Dhameja, Derivatives Research Analyst at SAMCO Securities, had also suggested that 60,000 was the key resistance level, which is a key breakout level. “From a technical perspective, the index continues to witness buying interest on declines, particularly around the psychologically important 59,500 zone. However, the broader price structure remains range-bound. Nifty Bank is currently oscillating within a wide band of 58,800–60,000, and a decisive move beyond either end of this range is likely to determine the next directional trend,” he added.

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