Dalal Street bulls seem to be rejoicing in the run-up to Diwali, with the well-tracked banking index climbing to a fresh high on Friday, October 17, ahead of the festival of lights next week.
Rebounding over 10,000 points from its March 2025 low of 47,702.90, the Nifty Bank index surged to a fresh high of 57,828.30 in intraday deals today, October 17. With this, the index crossed its previous record of 57,628.40 scaled in July 2025, as per data available.
Nifty Bank rose 0.71% over the last close to hit a fresh peak today, led by gains in index heavyweights like HDFC Bank, ICICI Bank, Axis Bank and IndusInd Bank. This is the third straight day of gains for the index.
Nifty Bank has risen in 6 months in 2025
The Nifty Bank index has risen in six out of 10 months in 2025 so far. In the month of October so far, the banking index has rallied over 5%, building on a nearly 2% rise in the index last month.
In the last one year, Nifty Bank has rallied over 12%, significantly outperforming the benchmark index Nifty 50, which has gained 3.8% during this period.
Nifty Bank has outperformed the Nifty50 Index during the recent rally, with the major momentum being led by PSU banks. Following Axis Bank’s strong performance, other private sector banks have also started showing positive signs, said Kunal Kamble, Sr. Technical Research Analyst at Bonanza.
Which Nifty Bank stocks have gained most?
Canara Bank has emerged as the best performer over the year, with a 19.6% rise. It was closely trailed by India’s largest private lender HDFC Bank, whose shares saw a 19.44% increase.
Kotak Mahindra Bank, ICICI Bank, and AU Small Finance Bank were among other Nifty Bank constituents that have given double-digit returns of up to 17% this year.
Axis Bank has emerged as a laggard, shedding 0.3%. However, IndusInd Bank, with a massive 44% fall, is the worst-performing index stock.
Can Nifty Bank index extend gains?
Nifty Bank has outperformed the Nifty50 Index during the recent rally, with the major momentum being led by PSU banks. Following Axis Bank’s strong performance, other private sector banks have also started showing positive signs, said Kunal Kamble, Sr. Technical Research Analyst at Bonanza.
Kamble believes the rally is expected to extend further as the index continues to form higher highs and higher lows, supported by an increase in market participation.
“Currently, Nifty Bank is trading near a key resistance zone — the same level from which it previously witnessed a correction, leading to a phase of underperformance. Interestingly, the Bank Nifty to Nifty ratio is also approaching its resistance level. A breakout above this resistance could result in renewed outperformance by the banking index compared to Nifty50,” he said.
Technically, the resistance for Nifty Bank is placed at 57,664. A decisive close above this level could open the gate for an upside move towards 59,930, followed by 61,690 levels, said the expert. On the downside, immediate support lies at 56,020; a move below this level could shift the bias to negative, he noted.
Sharing the trading strategy for investors, Kamble said that fresh long positions can be considered above 57,664, for potential targets of 59,930 and 61,690, with 56,020 as the key support level to watch.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
