ICICI Bank, HDFC Bank help Nifty Bank surge past 49,000 on a day of broad-based rally

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26 Aug, 2025 12:21

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Heavyweight banking stocks recorded strong gains of up to 3 percent on a day of across-the-board rally, taking Nifty Bank index higher by over a percent to cross 49,000-mark for the first time in two weeks, a crucial level cited by technical analysts.

"The charts of Bank Nifty indicate that it may get support at 48,200 followed by 47,900 and 47,700. If the index advances further, 48,600 would be the initial key resistance, followed by 48,800 and 49,000," said Choice Broking's Derivative Analyst Hardik Matalia.

ICICI Bank shares were the top gainer on the index, rising nearly 3 percent to trade at Rs 1,303 apiece, higher for a third consecutive session, approaching its 52-week high of Rs 1,362 per share, supported by strong volumes.

IDFC First Bank, Bank of Baroda and Punjab National Bank (PNB) meanwhile saw their share prices rise over 1 percent each. IDFC First Bank shares were trading at Rs 54 apiece, while those of Bank of Baroda and PNB were hovering around Rs 208 apiece and Rs 88 apiece respectively.

Heavyweight HDFC Bank shares also gained over a percent to rise for a third consecutive session as a major contributor to Nifty Bank’s rally, after ICICI Bank.

State Bank of India (SBI) shares meanwhile were trading over 1 percent higher , recovering nearly 8 percent from its 52-week low of Rs 680 per share seen on March 3.

Canara Bank, Kotak Mahindra Bank, Federal Bank and Axis Bank shares were trading in the green with marginal gains. Kotak Mahindra Bank shares hit a 52-week high of Rs 2,010 apiece earlier in the day.

Few bank stocks however bucked the trend to trade in the red. AU Small Finance Bank and IndusInd Bank shares were trading in the red with marginal losses. AU Small Finance Bank has made some marginal recovery after hitting a 52-week low of Rs 478 apiece earlier in the day.

The upmove follows buying action in Bajaj Finserv & Bajaj Finance on March 17, and a gains in shares of IndusInd Bank following RBI’s comment that the lender is well-capitalised.

Shrikant Chouhan, Head of Equity Research at Kotak Securities said the banking index may have formed a bottom from where it may attempt a rebound.

"For the Bank Nifty, a double bottom support is placed at 47700. As long as it is trading above this level, a pullback formation is likely to continue. On the higher side, it could move up to the 20-day Simple Moving Average (SMA), or 48600 and 48800. However, if it closes above 48800, the sentiment could change, and it may even retest the levels of 49500 in the near term," Shrikant Chouhan said.

A note by Axis Securities said the chart of Nifty Bank is showing a positive bias on the daily technical outlook, based on the Relative Strength Index.

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