Nifty Bank index began today’s session with a gap-up at 59,305 versus yesterday’s close of 59,200. It is now trading at 59,100, down 0.2 per cent.
The advance-decline ratio stands at 6-8, showing a slight bullish tilt. IDFC First Bank (up 1 per cent) and Union Bank of India (up 0.8 per cent) are the top performing stocks in Nifty Bank.
On the other hand, Punjab National Bank (down 1 per cent) is the top loser followed by Bank of Baroda (down 0.9 per cent).
Nifty PSU Bank has lost nearly 0.3 per cent so far today whereas Nifty Private Bank is down 0.1 per cent. So overall, the public sector banks are facing relatively higher selling pressure now.
Nifty Bank futures
The January expiry Nifty Bank futures opened today’s session higher at 59,463 versus yesterday’s close of 59,343. It is now trading at 59,175, down 0.3 per cent.
The contract declined after facing resistance at 59,500. Only a breakout of this barrier will turn the outlook positive. That said, there is a support ahead for Nifty Bank futures at 59,000, which can arrest the downtrend.
Overall, there is a good chance for the contract to remain within 59,000 and 59,500 today. The path of the break of the 59,000-59,500 range will give us some clue about the next leg of trend.
Trade strategy
Stay on the sidelines. Initiate trade along the direction of the break of the 59,000-59,500 range. That is, if Nifty Bank futures slips below 59,000, go short with stop-loss at 59,150 for a target of 58,700. But if it recovers and surpasses the hurdle at 59,500, buy with a stop-loss at 59,200 for a target of 60,000.
Supports: 59,000 and 58,700
Resistances: 59,500 and 60,000
Published on January 23, 2026
