Bank Nifty Slips Below 58,000 Amid Profit Booking; Kotak Mahindra, Axis, HDFC Bank Drag Index

The Bank Nifty index slipped below the 58,000 mark on Friday, October 24, as investors booked profits after the index hit an all-time high of 58,577.50 in the previous session. The index fell over 300

points, or nearly 0.6 percent, to 57,735, weighed down by losses in private sector banks.

Top losers on Bank Nifty

Kotak Mahindra Bank led the decline, falling over 2 percent to ₹2,175.60 as of 12:40 pm. Axis Bank and AU Small Finance Bank shares followed, slipping more than 1 percent each. HDFC Bank, IndusInd Bank, and IDFC First Bank also declined nearly 1 percent each.

Among public sector lenders, Punjab National Bank (PNB), State Bank of India (SBI), and Bank of Baroda were marginally in the red. Bucking the trend, Canara Bank, Federal Bank, and heavyweight ICICI Bank were trading up to 1 percent higher.

Key technical levels to watch

According to Axis Securities, the “trend deciding level” for the day stood at 58,202. The brokerage said, “If Bank Nifty trades above this level, it may rally up to 58,453–58,828–59,079 levels. However, if it trades below 58,202, we may witness profit booking, with possible corrections toward 57,827–57,576–57,201 levels.”

With the index now below both the trend level and first support zone, Axis Securities noted that the next key levels to monitor are 57,576 and 57,201.

Support and resistance outlook

Brokerage PL Capital highlighted immediate support near the 57,300 level — the previous consolidation zone — which needs to hold for stability. “On the upside, we can expect the next targets of 59,700 and 60,500 in the coming days,” it added.

Meanwhile, Choice Broking said the index is likely to trade sideways to positive, with strong support between 57,700–57,900 and resistance at 58,200–58,400. “A sustained move above 58,400 could open the door for a further rally, while a break below 57,830 may invite mild profit booking,” the firm noted.

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