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Informist, Friday, Aug. 28, 2026

 

NEW DELHI – The Nifty Bank index is expected to remain in a narrow band again next week with no fresh triggers coming up for major stocks and a well-defined technical range leading to limited directional moves, according to analysts. Fundamentals too do not support a big breakout for major stocks, though Kotak Mahindra Bank may outperform its peers for the second straight week, they said.

 

"The index continues to oscillate within a well-defined 57,000–58,000 range, reflecting a lack of decisive directional participation," technical analysts at SAMCO Securities wrote in a note. "The recent price action suggests that while declines are finding buying support, upside attempts continue to face supply, keeping the index in a rotational trading environment."

 

Friday, the Nifty Bank settled at 57496.30 points, down 0.5% on week. Shares of Federal Bank and IDFC First Bank fell 4.9% and 4.2% this week, respectively. Though most stocks in the index fell, Kotak Mahindra Bank was the biggest outlier, rising 5.2% on week. Axis Bank also gained 1.5%. The Nifty 50 index dropped less than the Nifty Bank index, ending 0.3% lower on week.

 

"Large-caps such as ICICI (Bank) and Axis (Bank) may be range-bound until we get clarity on the direction for HDFC Bank, with the exception of Kotak," Anand Dama, head (banks and financial services) at Nuvama Research, said. "Though it will take time to see results, the leadership change at Kotak Mahindra Bank has already improved sentiment and may keep it as one of the better performing entities on the index (next week)."

 

Separately, the impact on banks after the Emergency Credit Line Guarantee Scheme 5.0 ended prematurely may bear watching, especially for lenders with large exposure to micro, small, and medium enterprises, primary beneficiaries of the scheme. The National Credit Guarantee Trustee Co. has stopped issuing guarantees to banks under the scheme as the fund cover of INR 2.55 trillion approved by the government has run out, officials from the trustee told Informist Friday.

 

According to Dama, since the weakest rung of borrowers has already benefitted from the scheme, the early end should have no adverse impact on banking stocks. The scheme was scheduled to last until Mar. 31 or until the funds ran out.

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* Union Bank to allot $600 mln senior unsecured dual-tranche notes Fri
* Axis Bank to exercise call option on $600 mln additional tier-1 notes Sept 8
* UCO Bk board OKs to raise $1 bln via debt through medium-term note programme
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* Federal Bank to raise $500 mln via IFSC branch in GIFT City
* S&P assigns 'BBB-' rating to IDFC FIRST Bank's $600-mln senior notes

 

Following are the resistance and support levels for the sector's key stocks for next week, as per calculations based on their prices on the National Stock Exchange:

Company	Price	Week-on-Week Change in %	Resistance	Support
AU Small Finance Bank	1,077.10	(-)2.80	1,102.60	1,060.60
Axis Bank	1,265.00	1.50	1,276.70	1,242.30
Bank of Baroda	241.90	(-)2.10	243.50	238.70
Canara Bank	128.35	(-)1.20	130.00	126.40
Federal Bank	344.25	(-)4.60	347.70	340.50
HDFC Bank	720.30	(-)0.90	729.20	702.60
ICICI Bank	1,422.80	0.20	1,448.10	1,406.30
IDFC FIRST Bank	83.12	(-)4.20	84.70	82.20
IndusInd Bank	994.00	(-)1.20	1,007.30	980.70
Kotak Mahindra Bank	423.70	5.20	428.80	418.40
Punjab National Bank	115.40	(-)1.00	116.50	113.90
State Bank of India	1,047.50	(-)0.10	1,057.10	1,035.70
Index	Level
Nifty Bank	57496.30	(-)0.50	57784.60	57119.80
Nifty 50	24175.65	(-)0.30	24258.40	24035.50
S&P BSE Sensex	77264.51	(-)0.40	77573.30	76833.80

End

 

Reported by Aaryan Khanna

Edited by Rajeev Pai

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