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Informist, Friday, Sept. 25, 2026

MUMBAI – The Nifty Bank index is likely to remain range-bound with a negative bias next week, with global risk factors, higher US bond yields, and geopolitical developments in West Asia likely to keep financial stocks under pressure. The index ended the week at 55580.40 points, down 1.4%, with technical indicators pointing to continued near-term weakness, analysts said.

Technically, the Bank Nifty's recovery after falling below the 56000 support level offers some relief, but the formation of a long bearish candle on the weekly chart keeps the near-term bias cautious below 56500 points. The index is also trading below its 20-day and 50-day moving averages, while the 100-day moving average near 55200 points remains an important support. A sustained break below this level could add to selling pressure. On the upside, recovery attempts are likely to face resistance in the 56000–56200 zone, according to Vatsal Bhuva from LKP Securities.

The broader market backdrop could also remain challenging for banks. Rising US yields and persistent selling by foreign portfolio investors have weighed on domestic equities, with financial services among the sectors that underperformed during the week. At the same time, stronger-than-expected September flash Purchasing Managers' Index data provided some comfort on domestic growth and could help limit the downside, analysts said. 

For the coming week, crude oil prices, global bond yields, and developments around the Strait of Hormuz and West Asia will remain key external drivers. On the domestic front, August industrial production and the government's fiscal deficit data will be watched for indications on economic momentum and fiscal consolidation. Global cues will include China's purchasing managers' indices, US consumer confidence and job openings, eurozone inflation data, and comments from US Federal Reserve officials. 

Among individual banking stocks, the weekly performance was mixed. IndusInd Bank fell 5.6%, AU Small Finance Bank 3.8%, Federal Bank 3.2%, Axis Bank 2.8%, and IDFC FIRST Bank 2.5%, while Canara Bank and Union Bank gained 1.0% and 2.1%, respectively. HDFC Bank rose 0.6% while ICICI Bank declined 0.9%. 

Overall, the level of 55200 points is the key support to watch out for the Nifty Bank while 56000–56200 is the immediate resistance zone and 56500 the broader level that needs to be reclaimed to improve the near-term setup. With crude oil prices and bond yields still high, analysts expect valuation expansion to remain constrained.

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Following are the resistance and support levels for key bank stocks for next week as per calculations based on their prices on the National Stock Exchange:

End

US$1 = INR 95.81

Reported by Kabir Sharma

Edited by Rajeev Pai

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