Bank Nifty trades above 61,000 as BoB, PNB, other stocks gain up to 4%: Check key trading levels

Bank Nifty

• Nifty Bank index rose above 61,000, gaining nearly 2 percent
• Bank of Baroda and PNB shares jumped around 4 percent each
• Index expected to consolidate between 60,000 and 61,500

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The shares of several banks gained in trade on February 17, pushing the Nifty Bank index up over the key psychological mark of 61,000. Experts have highlighted key support and resistance levels to watch out for.

The Nifty Bank index gained around 0.5 percent (over 292 points) to 61,241.60 on Monday before paring some gains. The index has now risen nearly 2 percent (around 1,055 points) in two consecutive sessions of gains.

Top banking gainers today:

Bank of Baroda (BoB) and Punjab National Bank (PNB) shares jumped around 4 percent each to trade at Rs 303.25 apiece and Rs 124.97 apiece, as seen at 2.05 pm. Union Bank of India shares gained more than 3 percent, while Canara Bank shares rose over 2 percent.

IndusInd Bank, State Bank of India (SBI) and Yes Bank shares rose nearly 1 percent each. Bucking the trend, AU Small Finance Bank shares fell more than 1 percent, while HDFC Bank, Federal Bank, IDFC First Bank, Axis Bank, ICICI Bank and Kotak Mahindra Bank shares were trading in the red with marginal losses.

Key levels to watch out for:

With a single bullish candle, the Bank Nifty has engulfed the bearishness of several previous weak candles, said Rupak De, Senior Technical Analyst at LKP Securities, who added that the daily RSI is in a bullish crossover and rising.

“In the short term, the trend may remain strong, with potential to rise towards 61,400. On the lower end, the previous resistance of 60,500 will now act as support,” he said.

Going ahead, the index is expected to consolidate with a positive bias in the 60,000–61,500 range over the next few sessions, according to Bajaj Broking. It added that immediate support is placed at 60,400 followed by 60,200 being the confluence of short-term moving averages, while near-term resistance stands at 61,500, followed by the all-time high zone near 61,750.

Aakash Shah, Technical Research Analyst at Choice Equity Broking, saw immediate resistance in the 61,150–61,250 band, while the 60,650–60,750 zone continues to act as a key support area for short-term stability.

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