Bank Nifty Falls Today: The Nifty Bank index extended its losing streak for a second straight session on Tuesday, snapping a four-day rally, as sharp selling in PSU bank stocks weighed on sentiment even
as select private lenders showed resilience.
At 12:45 pm, the Nifty Bank index was down 0.42 percent at 59,642.70, while the Nifty PSU Bank index slipped about 1.15 percent to 8,884.
Yes Bank and IndusInd Bank were the top laggards on the index, each falling around 4 percent to ₹21.91 and ₹915.75, respectively. Canara Bank and Punjab National Bank declined over 2 percent each.
Federal Bank, AU Small Finance Bank and Bank of Baroda dropped nearly 2 percent apiece. IDFC First Bank was down more than 1 percent, while Union Bank of India and Axis Bank also traded in the red with marginal losses.
Defying the broader weakness, HDFC Bank, ICICI Bank, Kotak Mahindra Bank and State Bank of India were trading slightly higher.
Technical view
Bank Nifty continues to display relative outperformance and a bullish structure despite facing mild resistance near 60,200, Emkay Global Financial Services said. The brokerage added that a sustained breakout above this level could trigger further upside, while the 59,200–58,900 zone is expected to provide strong support.
Axis Securities noted that the index is hovering around the crucial 60,000 mark, which is acting as a key pivot for the current expiry. The 59,500 level remains a strong support, backed by heavy put open interest, while 60,000 is the major resistance with the highest call open interest.
Choice Broking said Bank Nifty has shown resilience in the 59,800–60,000 zone, but repeated hesitation near 60,000 reflects indecision in the banking space. A decisive break above 60,000 could revive short-term bullish momentum, while a fall below 59,500–59,600 may lead to further consolidation.
