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Informist, Friday, May 9, 2025

MUMBAI – The Nifty Bank closed in the red for the second consecutive session on Friday as it faced selling pressure in the second half of the day, analysts said. Technical analysts said the daily chart shows uncertainty for next week, while on a weekly scale the index shows weakness. On Friday, the Nifty Bank index closed 1.4% lower at 53595.25 points. For the week, the index fell nearly 3%. 

"Bank Nifty started the session on a positive note. However, profit-booking around 55,000 levels amid escalation of the geopolitical tension saw the index give up its gains and close the session down 0.45%. Index formed a bear candle highlighting profit booking at higher levels," Bajaj Broking said in a note. Support for the index is seen at 53,000-53,500 and resistance at 55,000 points, analysts said.

Amol Athawale, vice-president- technical research at Kotak Securities, said the current market texture is uncertain and volatile and hence, levels-based trading would be an ideal strategy for short-term traders.

Most banks have announced their earnings and based on their commentaries, most banks expect earnings growth to bottom out in 2025-26 (Apr-Sept), with credit costs likely to improve as stress in unsecured lending subsides.

"Banks stocks have run up recently and one should wait for some more correction," a fundamental analyst at a domestic brokerage said. He added that credit growth is likely to keep slowing down and improvement in liquidity will take time.

Shares of YES Bank will be in focus next week as the announcement of Sumitomo Mitsui Banking Corp acquiring 20% stake in the bank came post market hours on Friday. With this acquisition, SMBC will be the bank's largest shareholder. 

TOP HEADLINES

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* Earnings Review: Healthy treasury income lifts Canara Bank profit up 33% YoY
* CRISIL Ratings places IndusInd Bank long-term rating on 'watch negative'
* Earnings Review: Niva Bupa PAT jumps 31.2% Jan-Mar on robust premium income
* PNB targets INR 160 bln recovery in FY26, sees slippage ratio below 1.0%
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* RBI fines Union Bank of India INR 810,600 for deficiencies in currency chest
* Analyst Concall:Bk of Baroda MD sees healthy treasury income in FY26 as well
* Bank of Baroda MD sees margins under pressure till Sept, aiming for 3%
* Analyst Concall: Kotak Bk sees microfinance slippage being high for few qtrs
* Analyst Concall: High Jan-Mar provisions from frontloading, says SBI Setty
* Credit card stress still high, expect to reduce in few mos, says Kotak Bk MD
* Expect some moderation in loan growth FY26, says SBI Chairman Setty
* Earnings Review: Indian Bank Jan-Mar PAT rises 32% as provisions fall
* Earnings Review:Jump in provisions eat away Kotak Bank's Jan-Mar PAT, dn 14%
* Earnings Review: SBI Jan-Mar PAT falls 10% on yr as provisions jump fourfold

Following are the resistance and support levels for the stocks for next week as per calculations by Informist based on their prices on the National Stock Exchange:

End

Reported by Kshipra Petkar

Edited by Avishek Dutta

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