Bank Nifty snaps 12-day rally on profit booking; ICICI, HDFC Bank drag, 55,300 eyed as key support

Bank Nifty snaps 12-day rally on profit booking.

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

live

• bselive
• nselive

Volume

Todays L/H

More

×

The Bank Nifty index slipped on Friday, snapping a 12-session rally, as investors booked profits in select heavyweights.

The index, which had gained nearly 4 percent during its recent run, fell 0.56 percent to an intraday low of 55,411.55.

ICICI Bank led the decline, shedding 1.3 percent to Rs 1,403.5 per share on the NSE. HDFC Bank also retreated, slipping over 1 percent.

Kotak Mahindra Bank, AU Small Finance Bank, Axis Bank and IDFC First Bank were among the other laggards, losing up to 1 percent.

On the technical front, analysts at SAMCO Securities said the 55,300–55,400 zone has emerged as a strong demand area. "With resistance-turned-support dynamics in play, the 55,300 level remains dependable support. As long as this base holds, a buy-on-dips strategy is favourable," they noted.

Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking, said key support is seen at 55,600, with a break below this level likely to drag the index toward 55,500 and 55,300. "On the upside, resistance is placed at 56,000–56,200, and a breakout above may open the path toward 56,500," she added.

Meanwhile, the equity benchmark indices declined on Friday after a three-day rally, with investors booking profits in select heavyweights.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.