The advance-decline ratio stands at 5-9, denoting a bearish bias. Yes Bank (up 1.2 per cent) is the top gainer followed by IDFC First Bank (up 0.8 per cent). On the other hand, ICICI Bank (down 2.2 per cent) and Axis Bank (down 1.9 per cent) are the top losers.
While Nifty PSU Bank is down about 1 per cent, Nifty Private Bank has lost 1.3 per cent, remaining the weakest sectoral index so far today. Therefore, private banks are facing higher selling pressure at the moment compared to public sector banks.
Nifty Bank futures
The March expiry Nifty Bank futures opened today’s session lower at 58,989 versus yesterday’s close of 59,375. It is now trading at 58,670, down 1.2 per cent.
The contract was oscillating between 58,850 and 59,450 in the last two trading sessions. But today, it breached the support at 58,850, opening the door for further decline. The nearest support can be spotted at 58,500 and 58,200.
On the other hand, if Nifty Bank futures recovers, it will face resistance at 59,000 and 59,450. Only a clear rise above 59,000 can turn the intraday outlook positive. However, as it stands, it is unlikely to occur.
Trade strategy
Although the chart points to further decline, for a better risk-reward ratio, traders can wait for a corrective rally before initiating short positions.
Go short at 58,880 and place a stop-loss at 59,100. Book profits at 58,500.
Supports: 59,500 and 58,200
Resistances: 59,000 and 59,450
Published on March 6, 2026