The Nifty Bank index jumped to 57,242 in the morning, as seen at 10.40 am. Both private and PSU counters gained sharply, with Nifty Private Bank and Nifty PSU Bank indices gaining around 1% each.
AU Small Finance Bank shares were the top gainers on the Nifty Bank index, gaining more than 4% to hit a fresh 52-week high of Rs 1,042.10 apiece. This comes after the lender announced that its board of directors will meet on April 27 to consider and approve Q4 results, dividend and fundraising through QIP or other methods.
ICICI Bank, Federal Bank, Axis Bank, Union Bank of India, IDFC First Bank, Canara Bank, IndusInd Bank and HDFC Bank shares gained more than 1% each, while Punjab National Bank (PNB) and Bank of Baroda shares gained nearly 1% each. Kotak Mahindra Bank, Yes Bank and State Bank of India shares were up around 0.5%.
Nifty Bank levels to watch out for
Osho Krishan, Chief Manager of Technical & Derivative Research at Angle One, sees Nifty Bank finding resistance at 57,000 and then at 57,300 on the upside. On the downside, however, he sees the index finding support at 56,000 and then at 55,700.
“The index formed a high wave candlestick pattern with a higher high and a higher low signalling consolidation around the 200-day EMA. Going ahead, index sustaining above last Wednesday gap up area of 55600 will keep the bias positive and will gradually open upside towards 57,800 levels in the coming sessions, being the previous breakdown area and key retracement of previous decline,” said Bajaj Broking.
The domestic brokerage, however, cautioned that volatility is likely to remain high on account of the geopolitical tensions and volatile crude oil prices. “From a short – term perspective, support is placed in the range of 54,500 –54,000 zone, being the confluence of the last week’s low and the 20 – day EMA. Forming higher high and higher low in the weekly chart will keep the current pullback trend intact,” it added.
During the weekend, HDFC Bank reported a net profit of Rs 19,221 crore for the March quarter, registering a 9% increase from Rs 17,616 crore in the same period last year. ICICI Bank reported a net profit of Rs 13,702 crore in the fourth quarter of FY26, marking an increase of 8.5% year-on-year from Rs 12,630 crore reported in the same quarter last year. The company’s net interest income stood at Rs 22,979 crore, higher by 8.4% year-on-year.
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Yes Bank reported a 45% year-on-year surge in net profit to Rs 1,068 crore for the January-March quarter of FY26, although brokerages continue to remain cautious. The company on Saturday reported a 16% YoY rise in net interest income to Rs 2,638 crore for the quarter under review.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
