Banking shares extended gains for a fifth session to push the Bank Nifty higher by a percent at around 49,700 on March 19, with the recent rebound swiftly gathering steam to partially recover the sharp losses seen in the index since December 2024, and chartist sounding confident of further momentum.
Axis Securities shared a bullish outlook for Nifty Bank as well as Nifty 50 index. "The trend-deciding level of the day is 49,115. If Bank Nifty trades above this level, it may rally up to 49,600-49,886-50,371 levels. However, if it trades below 49,115 levels, we may witness profit booking in the market, and the index may correct up to 48,829-48,344-48,058 levels," it said in its latest note.
Angel One said the rally seen in bank stocks on March 18 smashed the critical 48,800-48,900 resistance zone for Bank Nifty. This has "convincingly shifted the momentum in favour of the bulls". They expect the index to further push towards higher levels.
AU Small Finance Bank was the top gainer on the index, rising nearly 4 percent on strong buying after touching a 52-week low of Rs 478 on March 18.
Shares of Federal Bank and Punjab National Bank (PNB) followed, rising around 2 percent each. IndusInd Bank shares meanwhile rose around 1.8 percent. The stock has now pared some gains after jumping 3 percent earlier in the day. The positive momentum in the bank's stock was fueled after IndusInd International Holdings (IIHL) Chairman Ashok Hinduja’s assurance to support the lender’s capital requirement, adding that it is an opportune time to increase stake in IndusInd Bank.
Canara Bank and Bank of Baroda shares rose over a percent. Heavyweights State Bank of India (SBI) and Axis Bank were also trading over 1 percent higher at Rs 746 apiece and Rs 1,057 apiece respectively. Another heavyweight HDFC Bank saw its share price rise nearly 1 percent to trade at Rs 1,748 apiece. IDFC First Bank, ICICI Bank and Kotak Mahindra Bank shares were meanwhile trading with marginal gains.
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