Nifty Bank Index Today: Sixth Straight Gain on October 7

Nifty Bank Index Today: The Nifty Bank index recorded gains on October 7, extending its winning streak to the sixth consecutive session. Analysts have identified key levels to watch, breaking which the index may rally further.

🏦 Top Gainers on Nifty Bank

Federal Bank led the rally, rising more than 3% to trade at ₹199.49 apiece. Other gainers included IndusInd Bank, IDFC First Bank, HDFC Bank, ICICI Bank, and Canara Bank, each up around 1%.

Bucking the trend, Punjab National Bank (PNB) and AU Small Finance Bank traded in the red with marginal losses. State Bank of India (SBI) and Kotak Mahindra Bank dropped over 1%, while Bank of Baroda fell around 2%. Axis Bank shares emerged as one of the top losers, sliding more than 2%.

📈 Market Performance

The Nifty Bank index gained about 134.5 points (0.24%) to close at 56,239 — its highest level in more than three months.

During intraday trade, the index jumped over 400 points (0.7%) to touch a high of 56,502.45 before closing lower due to profit booking at elevated levels.

🔍 Key Technical Levels

According to Ashika Institutional Equities, the Nifty decisively breached resistance at 25,200, paving the way toward 25,500, with immediate support near 25,000.

Similarly, Bank Nifty faces resistance at 56,500. A breakout above this level could propel it toward 57,000, while support rests around 56,200.

Axis Securities highlighted that the trend-deciding level for the day is 55,999. Trading above this level could extend the rally to 56,270–56,707, whereas a dip below 55,999 may lead to correction toward 55,833–55,396.

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Hardik Matalia of Choice Equity Broking added that 56,200 remains the initial resistance, followed by 56,300 and 56,400.

⚠️ Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should perform their own research or consult a qualified financial advisor before making investment decisions.