Nifty Bank index began today’s session with a gap-up at 59,576 versus yesterday’s close of 59,205. It is now hovering around 59,400, up 0.4 per cent.
The advance-decline ratio stands at 6-8, showing a slight bearish bias. Yes Bank and Axis Bank, up 1.8 per cent each, are the top gainers.
On the other hand, IDFC First Bank (down 1.7 per cent) is the top loser followed by Canara Bank (down 1.5 per cent).
Nifty PSU Bank has lost nearly 0.5 per cent so far today whereas Nifty Private Bank is up 0.7 per cent. So overall, the private banks are outperforming the public sector peers.
Nifty Bank futures
The February expiry Nifty Bank futures opened today’s session higher at 59,880 versus yesterday’s close of 59,630. It is now trading at 59,780, up 0.25 per cent.
The contract staying above 59,600 is a positive sign. From the current level, it can witness a rise to 60,500.
On the other hand, if Nifty Bank futures slip below the support at 59,600, the intraday outlook can turn bearish where it can decline to 59,000.
Overall, the price action shows a positive inclination and so the probability of a rally is high. Participants can consider fresh long positions.
Trade strategy
Buy Nifty Bank futures (February) now at 59,780. Target and stop-loss can be 60,500 and 59,580 respectively.
If neither the target nor the stop-loss is triggered today, traders can consider carrying on the trade to tomorrow.
Supports: 59,600 and 59,000
Resistances: 60,500 and 61,000
Published on January 28, 2026
