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Informist, Friday, Sept. 11, 2026

NEW DELHI - The Nifty Bank index is expected to remain in a narrow range with downward momentum as global risks take the sheen off Indian equities. A fall this week broke upward momentum on technical charts, but the banking stocks benchmark still managed to outdo the broader Nifty 50 index due to a recovery in index heavyweight HDFC Bank, which fell sharply in the first three sessions.

 

"HDFC Bank's recovery during the final session provided some support to Bank Nifty, helping the index recover from its lows...," Choice Equity Broking said in a note. "However, Bank Nifty continues to remain below the rising trendline support, keeping the near-term technical structure cautious." The private-sector lender rose, helped by a favourable ruling by a Bahrain court that dismissed litigants' claims against HDFC Bank for mis-selling Credit Suisse's additional tier-I bonds.

 

The Nifty Bank ended the week at 56606.55, down 1.3% this week, slumping to its lowest weekly closing level since June and marking its third straight weekly decline. Market participants are likely to track global interest rate expectations and domestic liquidity closely. Brent crude oil near $105 a barrel remains a key risk for equities, while developments in the war in West Asia could influence risk appetite.

 

Federal Bank was the sole gainer on the Nifty Bank this week, inching up 0.4%. ICICI Bank and IndusInd Bank were the top losers, falling over 3.0?ch. The latter was fined by the Insurance Regulatory and Development Authority of India for breaching its distribution norms. The aforementioned HDFC Bank hit a 52-week low Friday before recovering to end in the green, though it fell 0.5% for the week.

 

Some analysts feel the late momentum may help the Bank Nifty out of the doldrums next week, especially if it coincides with a turnaround in broader market sentiment. Meanwhile, data released by the Reserve Bank of India Friday showed banks' credit-to-deposit ratio stood at a 10-month low of 80.32%, signalling an easing of funding pressures after robust deposit growth due to the foreign currency non-resident (banks) deposit scheme.

 

"Bank Nifty closed on a positive note, forming a bullish candlestick pattern above the crucial support zone of 56,000," said Vatsal Bhuva, technical analyst at LKP Securities. "The index also reclaimed its 100-DMA on the daily chart, indicating improving near-term momentum."

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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	1,058.90	(-)0.6	1,079.10	1,023.10
Axis Bank	1,246.00	(-)2.1	1,265.90	1,219.90
Bank of Baroda	238.13	(-)0.4	240.70	233.00
Canara Bank	124.00	(-)1.2	125.00	122.20
Federal Bank	344.50	0.4	347.80	339.50
HDFC Bank	708.25	(-)0.5	726.80	672.60
ICICI Bank	1,379.30	(-)3.1	1,400.00	1,357.20
IDFC FIRST Bank	86.21	(-)0.6	87.40	84.80
IndusInd Bank	978.20	(-)3.0	996.10	963.30
Kotak Mahindra Bank	419.00	(-)1.3	426.80	405.30
Punjab National Bank	116.75	(-)0.2	119.60	113.10
State Bank of India	995.70	(-)2.0	1005.80	988.00
Index	Levels
Nifty Bank	56606.55	(-)1.3	57263.70	55370.90
Nifty 50	23398.10	(-)2.1	23575.90	23142.50
S&P BSE Sensex	74781.76	(-)2.3	75376.70	73862.70

End

Reported by Aaryan Khanna

Edited by Deepshikha Bhardwaj

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