Bank Nifty Falls Below 57,000 Level For Third Day; ICICI Bank and Axis Bank Top Gainers
5paisa Capital Ltd
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Last Updated: 8th September 2026 - 03:44 pm
Banks continued their downward trajectory on September 8, dragging the Bank Nifty index lower for the third day in a row. The index fell below the 57,000 level, dragged down by ICICI Bank and Axis Bank.
Invest in Indian Markets and Unlock Future Potential With 5paisa!The Bank Nifty index was down 0.4% at 56,865.85 at noon. Axis Bank was the heaviest loser among the companies featured in the report, having fallen 1.8%, with ICICI Bank posting a fall of 1.7%.
However, the list of losers was not restricted to those two private banks. Union Bank of India and HDFC Bank were down 1.2% and 0.9%, respectively.
Bank Nifty Falls Below Important Moving Averages
The latest fall makes the 57,000 mark a focal point for Bank Nifty.
The index is trading below both its 20-day and 200-day moving averages and thus appears technically weak at the moment.
Despite that, the overall situation still indicates consolidation in Bank Nifty, which has been trading between a broad range of 56,500-58,700 in the last nine weeks.
In the downside, the range of 56,500-56,200 has gained importance in case there are further falls. The zone comprises of both 52-week Exponential Moving Average and lower end of the nine-week trading range of the index.
Other technical levels cited in the report place immediate support around 56,800, followed by 56,620. On the way up, 57,400 and 57,500 are the near-term resistance levels.
A separate technical view in the report places support around 56,900-57,000 and resistance at 57,900-58,000.
For now, Bank Nifty’s third consecutive decline has brought the lower end of its recent trading range back into focus. Whether the index can regain the 57,000 mark or slips further towards its support zones will determine the near-term direction for banking stocks.
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Anshul Mishra
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