Bank Nifty Falls After 6-Day Rally; Canara, HDFC Bank Among Top Losers
Bank Nifty ended its six-day winning streak with a sharp drop of nearly 1.5% from the day’s high. The decline followed a record high on April 22, likely due to profit booking. Top laggards included Canara Bank and HDFC Bank. Meanwhile, AU Small Finance Bank saw strong gains after reporting solid earnings.
After a strong six-day rally, Bank Nifty saw a dip on April 23, falling 1.5% from the day’s high. This comes just a day after the index hit a record high of 55,961. Many experts believe the fall was due to investors booking profits after recent gains. Also Read: Nifty 50 Today: Buy the Dip Near 22,300 for Short-Term Gains
Profit Booking Pulls Down Major Banking Stocks
The recent fall in share prices of banking stocks may be because investors decided to lock in profits. Despite the drop, the Bank Nifty index is still up by 8% so far this year, especially since a strong recovery started on April 9.Technical Levels to Watch for Bank Nifty
According to Axis Securities, 55,617 is the key level for Bank Nifty.- If the index stays above this level, it may rise to 55,991–56,709.
- If it goes below 55,617, it may fall further to 54,556.
Top Losers: Canara, HDFC, and Axis Bank
- Canara Bank dropped 2% to Rs 98.65
- HDFC Bank fell nearly 1.5% to Rs 1,930
- Axis Bank also declined by 1.5% to Rs 1,198.9