Nifty Bank Climbs Past 60,000: The Nifty Bank index advanced on January 16, a day ahead of the much-awaited Q3 results from heavyweights HDFC Bank and ICICI Bank, lifting sentiment across banking stocks.
The index rose about 1 percent to 60,160.85 in early trade, reclaiming the key psychological 60,000 level for the first time in five sessions.
Federal Bank emerged as the top gainer, surging nearly 6 percent to Rs 261.35, ahead of its October–December quarter earnings announcement later in the day.
AU Small Finance Bank climbed over 3 percent, while Yes Bank, Punjab National Bank and Canara Bank added more than 2 percent each. Shares of SBI, IndusInd Bank and Bank of Baroda were up over 1 percent. HDFC Bank, IDFC First Bank, Kotak Mahindra Bank and ICICI Bank also traded in positive territory with modest gains.
In contrast, Union Bank of India slipped around 2 percent, while Axis Bank traded marginally lower, bucking the broader uptrend.
Technical view
Aakash Shah, Technical Research Analyst at Choice Equity Broking, said the 59,900–60,000 zone had emerged as a crucial resistance cluster. A sustained move above this range could revive short-term bullish momentum. On the downside, he identified 59,300–59,400 as key support, warning that a breakdown below this zone may lead to further consolidation.
Axis Securities said the trend-deciding level for the day is 59,567. “If Bank Nifty trades above this level, it may move towards 59,810–60,039–60,282. However, if it slips below 59,567, profit-booking could drag the index to 59,337–59,095–58,865,” the brokerage noted.
Dhupesh Dhameja, Derivatives Research Analyst at SAMCO Securities, reiterated that 60,000 remains a major breakout level. He added that the index continues to attract buying interest on declines near the 59,500 zone, but the broader structure is still range-bound between 58,800 and 60,000. A decisive breakout on either side is likely to set the next directional trend.
