Bank Nifty rises 700 points as Axis Bank, PNB, other stocks rise up to 5%: Check key trading levels

Nifty Bank

• Nifty Bank index rose 900 points, closing 1.25% higher at 59,205.45.
• Axis Bank led gains, jumping over 5 percent after strong Q3 FY26 results
• Kotak Mahindra Bank fell 3 percent post Q3 results; volatility expected ahead

Did our AI summary help?

The Nifty Bank index gained on January 27, as several bank stocks sharply rose in trade. The sectoral index has closed as the second-biggest major gainer on the market today, only after metals.

The index closed 732.35 points (1.25 percent) higher at 59,205.45 on Tuesday.

Axis Bank shares were the top gainers on the index, jumping more than 5 percent to trade at Rs 1,322 apiece. This came after the private sector lender reported a better-than-expected results for Q3 FY26.

Punjab National Bank (PNB), Bank of Baroda (BoB), Federal Bank, State Bank of India (SBI) and Canara Bank shares gained more than 2 percent each, while Union Bank of India and ICICI Bank shares gained nearly 2 percent each.

HDFC Bank and Yes Bank shares gained more than 1 percent each, while IndusInd Bank and AU Small Finance Bank shares were trading in the green with marginal gains. AU Small Finance Bank shares closed with marginal losses.

Kotak Mahindra Bank shares fell around 3 percent after the company released its results for the October-December quarter of the ongoing financial year 2026.

Technical view on Bank Nifty:

Bank Nifty closed with a long bullish candlestick on the daily chart, indicating strong buying interest, said Vatsal Bhuva, Technical Analyst at LKP Securities. The index found support near the 58,100 zone and witnessed a sharp follow-up rebound after the previous selling session, highlighting demand at lower levels, according to the analyst.

He however cautioned that volatility is expected to remain elevated in the coming sessions due to the Union Budget event. "The 20-day moving average and the 59500 zone will be crucial; a sustained close above these levels could decide the next directional move. Support is placed at 58800, while resistance stands at 59500,” he concluded.

Shrikant Chouhan, Head Equity Research at Kotak Securities, had said that 58,000 would act as a key level for traders. Below this, the analyst had said that the correction wave could continue until 57,500–57100. Conversely, above 59,000, it could bounce back up to 59,350–59,500.

Follow all LIVE updates on Q3 results