Nifty Bank index began today’s session with a gap-up at 58,315 versus Tuesday’s close of 58,007. It is currently hovering around 58,470, up 0.8 per cent.
The advance/decline ratio stands at 10/2 showing a bullish bias. IDFC First Bank (up 3.5 per cent) and Axis Bank (up 2.5 per cent) are the top performers.
On the other hand, Canara Bank (down 0.5 per cent) and Bank of Baroda (down 0.15 per cent) are the only losers in the Nifty Bank index.
Nifty PSU Bank has gained 1.4 per cent so far today whereas Nifty Private Bank is up 1.2 per cent. Therefore, the public sector banks are outperforming the private peers.
Nifty Bank futures
The October expiry Nifty Bank futures opened today’s session higher at 58,305 versus previous close of 57,960. It is now trading at 58,450, up about 0.8 per cent.
The contract marked a higher high in today’s early trade, and the price action shows strong upward momentum.
While there is a possibility of a minor decline, possibly to 58,300, from the current level, we expect Nifty Bank futures to resume the uptrend and move towards 59,000.
On the other hand, if the contract slips below 58,100, the intraday outlook can turn bearish. Nevertheless, given the current chart set up, the chances of a fall below 58,100 are low.
Trade strategy
Buy Nifty Bank futures (October) now at 58,450 and on a dip to 58,300. Target and stop-loss can be 59,000 and 58,000 respectively.
Supports: 58,100 and 57,900
Resistances: 59,000 and 59,250
Published on October 23, 2025
