Bank Nifty snaps 3-day losing streak as IDFC First Bank, SBI shares jump up to 3%: Check key levels

Bank Nifty

• Nifty Bank index rose 0.60 percent, snapping a three-session losing streak
• IDFC First Bank led gains, nearing its 52-week high at Rs 87 apiece
• Nifty PSU Bank index outperformed, jumping over 2 percent

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The Nifty Bank index rose in trade on January 22, snapping a three-session losing streak. This comes as overall stock markets remained in the green territory.

The Nifty Bank index was up 0.60 percent to 59,155.45, as seen at 2.52 pm. IDFC First Bank shares were the top gainers on the index, jumping nearly 3 percent to trade at Rs 83.81 apiece. The stock is currently nearing its 52-week high level of Rs 87 apiece.

Canara Bank, Bank of Baroda and State Bank of India (SBI) shares gained nearly 2 percent each, while Federal Bank and Union Bank of India shares rose over 1 percent each. Kotak Mahindra Bank, Axis Bank and Punjab National Bank (PNB) shares gained nearly 1 percent each.

HDFC Bank and AU Small Finance Bank shares were trading in the green with marginal gains. Bucking the trend, IndusInd Bank shares declined more than 1 percent, while Yes Bank and ICICI Bank shares were trading in the red with marginal losses.

The Nifty PSU Bank index is currently outperforming the broader Nifty Bank index, jumping more than 2 percent led by gained in the shares of Bank of India, Indian Bank and others, who gained up to 5 percent.

Bank Nifty technical view:

Bajaj Broking had said that the 58,700–59,000 zone remains a key short-term support. A decisive break below 58,278 could accelerate the downside, it further said. The domestic brokerage added that on the upside, immediate resistance is at 59,500, while the 60,200–60,400 all-time high zone remains a major hurdle.

According to Rajesh Bhosale, Equity Technical Analyst at Angel One, Bank Nifty can find support at 58,500 and then at 58,300 on the downside. On the upside, the analyst feels that the index can find resistance at 59,100 and then at 59,500.

“The Bank Nifty continues to show relative resilience but remains below key resistance levels…Immediate support lies near 58,500–58,600, while any upside is likely to be capped unless there is improvement in earnings visibility and broader market confidence,” said Aakash Shah, Technical Research Analyst at Choice Equity Broking.

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