Bank Nifty Plunges 350 Points from Intra-Day Peak Amid Profit Taking, Led by Declines in AU Small Finance Bank and State Bank of India

Bank Nifty Index Declines Over 350 Points Amid Profit Booking

The Bank Nifty index experienced a significant decline of over 350 points from its intraday high on Tuesday, settling below its previous close. The index rose to a high of 61,317.55 before slumping to 61,004.95 by 3 pm.

The index has now extended losses for the second consecutive session, following its previous decline. AU Small Finance Bank led the losses, plummeting up to 2%, while State Bank of India and Union Bank of India declined by 1.74% and 0.76%, respectively.

Other constituents, including IDFC First Bank, Kotak Mahindra Bank, Yes Bank, and Punjab National Bank, also fell up to 1%. The Nifty PSU Bank index declined up to 1% amid profit booking.

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Key Statistics:

• 61,317.55: Intraday high
• 61,004.95: Closing price
• 2%: Decline in AU Small Finance Bank
• 1.74%: Decline in State Bank of India
• 0.76%: Decline in Union Bank of India
• 1%: Decline in other constituents
• 61,400–61,500: Immediate resistance zone
• 60,800–60,700: Immediate support zone

Technical Analysis:

According to Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, the Bank Nifty index formed a small-bodied candle with a lower shadow on the daily chart, indicating buying support at lower levels. The index is expected to face resistance in the 61,400–61,500 zone, with a sustained move above this range potentially pushing the index towards 62,000 and 62,500 in the short term.

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