What is Banknifty?
Banknifty is an index comprising 12 public and private banks with the highest market cap and most liquid from the Banking sector.
BANK NIFTY
NSE
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Short term - Technical Outlook
Bank Nifty is also displaying relative weakness amid prevailing market pressure and cautious investor positioning in the financial sector. A breakdown below the 57,700 level could expose the index to further downside toward the 57,000 support region. If this support fails to hold, the next significant horizontal support level is seen near the 54,000 mark, which could act as a broader demand zone.
On the upside, immediate resistance is placed in the 58,300–58,500 range, while the key psychological level of 59,000 continues to act as a strong overhead barrier. A decisive reclaim of this zone would be necessary to signal a stronger recovery in the banking index and improve the near-term outlook.
Momentum indicators remain subdued. The RSI is hovering around 32, indicating that the index is approaching oversold territory but still lacks clear reversal confirmation. Meanwhile, the MACD remains in negative territory, reflecting persistent bearish undertones. Overall, Bank Nifty is likely to remain range-bound with a mild negative bias in the near term, with any recovery attempts dependent on sustained buying above key support levels.
Short term Research Report Call
Buy Above: 58000 | Targets: 58100, 58200, 58300 | Stop-loss: 57900
Sell Below: 57500 | Targets: 57400, 57300, 57200 | Stop-loss: 57600
Short term Chart
Long term - Technical Outlook
Bank Nifty took support from the lower levels. Holding above 59,000 could provide additional support to Bank Nifty. Technically, staying above 58,000 will help maintain a positive sentiment for the Indian market. However, a break below 57,500 could turn unfavorable for Bank Nifty and trigger weakness.
Long term Research Report Call
Buy Above: 58000 | Targets: 58100, 58200, 58300 | Stop-loss: 57900
Sell Below: 57500 | Targets: 57400, 57300, 57200 | Stop-loss: 57600
Long term Chart
Market View
March 6th 2026
The Indian stock market opened on a cautious to slightly weaker note, with early pressure in private banking stocks weighing on the Bank Nifty and leading to its underperformance relative to the broader indices. Persistent geopolitical tensions in the Middle East continue to dampen investor sentiment while keeping global energy prices elevated. At the same time, steady domestic institutional investor (DII) inflows are helping cushion the market against continued selling by foreign portfolio investors (FPIs). Global cues remain mixed, with investors closely tracking movements in crude oil prices, currency trends, and upcoming macroeconomic data releases. Market sentiment remains fragile, and trading is likely to stay range-bound and volatile until clearer global triggers emerge or geopolitical tensions begin to ease.
Nifty 50
Nifty 50 opened marginally lower near the 24,700 mark and has been gradually drifting lower in early trade. Immediate support is placed in the 24,500–24,530 zone, an area where the index has previously seen buying interest, while stronger support is positioned near 24,300. On the upside, the 24,900–25,000 zone continues to remain a key hurdle, and a sustained move above this region will be required to revive stronger upside momentum. Momentum indicators remain largely neutral, indicating the absence of a clear directional trigger at the moment. In the near term, the index is likely to trade within a consolidation band while attempting to stabilize above important support levels.
Bank Nifty
Bank Nifty opened with a modest gap-down around the 58,800 level and continues to trade under pressure amid weakness in private banking stocks. Immediate support is placed near 58,400, aligning with the previous swing-low region, while deeper support is seen around 58,000–57,800. On the upside, near-term resistance is positioned in the 59,300–59,500 range, and a sustained breakout above this zone could pave the way toward the psychological 60,000 level. Momentum indicators remain subdued, with RSI hovering in the mid-30s and MACD continuing to stay in negative territory, reflecting prevailing bearish undertones. Overall, the near-term outlook suggests a mildly negative to range-bound bias unless the index manages to reclaim key resistance levels.
Resistance 59,200
Support 58,000
FII & DII Activities
Particular
FIIs
DIIs
Net Purchase/ Sales (Cr)
5 Mar 2026
-3,752.52
+5,153.37
MTD-May (Cr)
March
-15,800.81
+25,815.41
Global Market
March 9th 2026
NASDAQ
USA
22,387.68
-361.32 -1.59
9th March
Dow Jones
USA
47,501.55
9th March
FTSE
UK
10,284.75
9th March
DAX
GERMAN
23,591.03
9th March
GIFT Nifty
Singapore
23,829.5
9th March
NIKKEI 225
Japan
51,740.46
9th March
Shanghai
China
4,076.81
9th March
S&P 500
USA
6,740.02
9th March
March 9th 2026
Top Gainers
STYL
254
15.74 6.61
HAVISHA
1.68
0.22 15.07
JINDRILL
581.4
39.2 7.23
AAKASH
10.52
0.73 7.46
Top Losers
INDHOTEL
603.55
-20.3 -3.25
BAJAJFINSV
1,812.5
-56.4 -3.02
KOTAKBANK
387.4
-12.4 -3.1
LODHA
860.4
-28.85 -3.24
Technicals
Pivot Advanced Levels
Check live levels for all scripts
Buy Above
58273.32
R1
58517.69
R2
58773.16
R3
59228.57
Stop Loss
57984.53
Pivot
58095.60
(All values are in INR)
Sell Below
57917.88
S1
57673.52
S2
57418.04
S3
56962.64
Stop Loss
58206.68
Pivot Basic Levels
| R4 | R3 | R2 | R1 | Pivot | S1 | S2 | S3 | S4 | |
| Classic | 60004.75 | 59605.55 | 59206.35 | 58494.80 | 58095.60 | 57384.05 | 56984.85 | 56273.30 | 55561.75 |
| Woodie | 61349.76 | 59449.37 | 59128.26 | 58338.62 | 58017.51 | 57227.87 | 56906.76 | 56117.12 | 54685.26 |
| Camarilla | 58394.16 | 58088.71 | 57986.89 | 57885.07 | 58095.60 | 57681.43 | 57579.61 | 57477.79 | 57172.34 |
Moving Averages
Bullish
Bearish
5 Day
48505.08
10 Day
46386.05
20 Day
45188.74
50 Day
43802.64
100 Day
42787.94
200 Day
41478.86
Momentum Oscillators
Bullish
2
Bearish
1
Neutral
4
Bullish
2
Bearish
1
Neutral
4
Stoch RSI
50.00
ROC
-6.12
Ultimate
35.85
Williams
-97.82
CCI
-183.37
Stochastic
8.17
RSI
53.57
Trend Oscillators & Volatility
Bullish
1
Bearish
0
Neutral
0
Bullish
1
Bearish
0
Neutral
0
ATR
407.45
Low Volatility
MACD
788.83
Bullish
Nifty Stock List
Check all stocks
| Stock Name | CMP | Change (%) | Market Cap (Cr.) | Sector | Piotroski Score |
HDFCBANK | 857.05 | -2.3583 | 1319107 | Banks | 3 / 9 |
HDFCBANK | 604.5 | 1.0616 | 1319107 | Banks | 3 / 9 |
SBIN | 1143 | -2.2659 | 1055567.28 | Banks | 5 / 9 |
ICICIBANK | 1313.4 | -3.2557 | 940049.9 | Banks | 8 / 9 |
AXISBANK | 1315.8 | -2.4683 | 408880.336 | Banks | 6 / 9 |
Market Commentary
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Disclaimer: Investment in securities/commodities market subject to market risk, read all the related documents carefully before investing/trading.
Analyst Certification: I/We, Ayushi Jain Research Analyst, authors, and the name subscribed to this report, hereby certify that all the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. NISM Research Analyst registration number – NISM-201900015194.
Banknifty is an index comprising 12 public and private banks with the highest market cap and most liquid from the Banking sector.
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