Bank Nifty Aims for 56,800 on April 23 After Six-Day Rally
Bank Nifty is expected to continue its upward momentum today, with bulls eyeing 56,800 as the next resistance. Traders remain cautious amid signs of short-term fatigue.
Key Highlights:
After gaining over 11% in the past six sessions, the Bank Nifty is poised to open on a strong note on April 23, 2025. The index closed at 55,647.30 on April 22, boosted by buying in heavyweight banking stocks including HDFC Bank, ICICI Bank, and Axis Bank.
The rally has been supported by improved quarterly earnings expectations, easing bond yields, and consistent foreign institutional investor (FII) inflows into Indian banking stocks.
Key Support and Resistance Levels to Watch
- Immediate Resistance: 56,000 / 56,800
- Support Zones: 55,000 / 54,000
- Crucial Intraday Level: 55,500
- Breakout Trigger: Sustained move above 56,000 backed by volume
If the index breaks above the 56,000 barrier decisively, a move toward 56,800 could unfold swiftly. However, with the RSI approaching overbought levels, some consolidation may be seen near upper resistance zones.
Banking Sector Outlook Today
Large-cap private banks continue to lead the charge, while public sector banks remain mixed. HDFC Bank and ICICI Bank are expected to attract continued buying interest, driven by strong business updates and early results positivity.
Kotak Mahindra Bank, Axis Bank, and SBI could see mild pullbacks unless broader market sentiment strengthens. NBFCs like Bajaj Finance and HDFC Ltd. may offer swing setups on dips.
Market Sentiment and Strategy for April 23
Traders should prepare for gap-up opening possibilities followed by potential consolidation. The strong momentum needs confirmation through sustained volumes, particularly above the 56,000–56,200 range.
Intraday traders may look to enter on dips toward 55,200–55,300 with tight stop losses. Investors can monitor upcoming earnings reports to assess portfolio exposure in banking stocks.
What This Means for You
- Day Traders: Look for momentum continuation trades above 56,000 with trailing stop-losses.
- Swing Traders: Prepare for possible retests of the 56,800 level — watch price action carefully.
- Investors: Maintain exposure in large-cap private banks and avoid fresh long positions near overbought levels.
How to Take Action
- Track pre-market indications and early volumes in HDFC Bank, Axis Bank, and Kotak Bank.
- Avoid aggressive longs unless price sustains above 56,000 with confirmation.
- Use sectoral ETFs or Bank Nifty options selectively with risk-defined strategies.
Bank Nifty Outlook for April 23: Watch 56,000 Breakout for Trend Continuation
With six consecutive green sessions and strong tailwinds from both global cues and FII flows, Bank Nifty is likely to attempt a breakout toward 56,800 today. However, traders should remain alert to signs of reversal or fatigue near resistance.
The broader banking trend remains bullish, but sustainable moves will require support from mid-tier lenders and PSU banks to avoid sector-specific profit booking.
Stay updated with the latest from Hindustan Herald — your trusted source for
Politics, Business, Sports, Entertainment, Lifestyle, Breaking News, and More.
📲 Follow us on Facebook, Instagram, Twitter, LinkedIn, and YouTube
🔔 Join our Telegram channel @hindustanherald for real-time news alerts.
