On October 25, 2024, the Bank Nifty witnessed a significant decline, dipping 1.85% to trade at ₹50,578.85 as of 11:00 AM IST. This downturn is reflective of mixed sector performance in the Indian equity markets, with fluctuations in bank stocks impacting the overall index.
Current Trading Update
As of October 25, 2024, the Bank Nifty was trading at ₹50,578.85, reflecting a decrease of -1.85% from the previous session’s close. Throughout the day, the index demonstrated notable fluctuations, moving within a range of ₹51,501.05 to ₹50,511.35.
Nifty Futures Performance
The Nifty futures market mirrored the Bank Nifty’s downward trend, trading at ₹50,610.0 and showing a decline of -1.93%. Additionally, there was a significant increase in open interest, which rose by 15.23%, indicating a persistent bearish sentiment in the market.
52-Week High/Low Analysis
During the trading session, several stocks within the Bank Nifty reached notable 52-week lows. Among them were:
- Indusind Bank: ₹1,258.15
- IDFC First Bank: ₹65.8
Open Interest and Price Movement
At 10:45 AM, the Bank Nifty futures price was at ₹50,565.0, representing a decrease of -2.02%. The open interest once again confirmed the ongoing downtrend, shifting by 13.17%.
Market Breadth Analysis
The market breadth reflected a negative trend, with the advance to decline ratio reported at 0.2 at 10:30 AM, indicating that significantly more stocks were declining than advancing.
Top Gainers and Losers
In the midst of the declines, certain stocks managed to perform better. As of 10:00 AM, the top gainers included:
- Axis Bank
- Kotak Mahindra Bank
- ICICI Bank
Conversely, notable losers were:
- AU Small Finance Bank
- Bandhan Bank
- IDFC First Bank
Sector Performance Overview
As of 9:35 AM, different sectors displayed varying degrees of performance:
| Sector | Performance |
|---|---|
| NIFTY FMCG | 1.19% |
| NIFTY Healthcare | 0.74% |
| NIFTY Pharma | 0.72% |
| NIFTY PSE | -0.52% |
| NIFTY Energy | -0.52% |
| NIFTY Metal | -0.4% |
Opening Market Update
The Bank Nifty opened the day at ₹51,369.75, a decline of -0.31% resulting in a drop of -161.4 points from its previous close.
Resistance & Support Levels
As the trading day progressed, the following resistance and support levels were identified:
| Resistance Levels | Support Levels |
|---|---|
| ₹51,613.09 | ₹51,033.39 |
| ₹51,987.17 | ₹50,827.77 |
| ₹52,192.79 | ₹50,453.69 |
Previous Trading Day Close
On the previous trading day, the Bank Nifty closed at ₹51,239.
Conclusion
In summary, the decline experienced by the Bank Nifty on October 25, 2024, indicates ongoing pressures in the banking sector amidst mixed performance across other sectors. Investors may need to closely monitor developments, especially considering changes in open interest and the overall market sentiment.
FAQ
Q: What factors contributed to the decline in the Bank Nifty?
A: Factors include mixed sector performance, a rise in open interest, and a higher number of declining stocks compared to advancing ones.
Q: What are the current support levels for the Bank Nifty?
A: The current support levels are ₹51,033.39, ₹50,827.77, and ₹50,453.69.
Q: How did the sectors perform on October 25, 2024?
A: Based on the latest updates, the NIFTY FMCG, Healthcare, and Pharma sectors performed positively, while PSE, Energy, and Metal sectors underperformed.
