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A strong rally in banking stocks pushed the Nifty Bank higher over 1.5 percent to around 55,500 level on April 28, snapping a three-day losing streak to emerge as one of the top sectoral indices, on a day of broadbased gains.

The shares of Punjab National Bank (PNB) were the top gainer on the Nifty Bank index, rising over 3 percent to trade at Rs 103 apiece. State Bank of India (SBI) shares followed, jumping over 2.8 percent to trade at Rs 821 apiece.

Bank of Baroda and Canara Bank shares were trading over 2.2 percent higher, while those of heavyweights Axis Bank and ICICI Bank were trading nearly 2 percent higher. Notably, the surge in the share price of Axis Bank comes after lender's Q4 results beat estimates. It had reported a net profit of Rs 7,118 crore in Q4FY25, marginally lower than Rs 7,130 crore in the corresponding quarter last year. According to Moneycontrol's poll, Axis Bank's profit-after-tax (PAT) was pegged 6 percent year-on-year lower at Rs 6,710 crore.

Federal Bank and AU Small Finance Bank were meanwhile trading nearly 1.5 percent higher each. IndusInd Bank shares were up around 1.4 percent. Notably, the stock is in focus today after the lender said that the board of the bank is taking 'necessary steps' to fix accountability of the persons responsible for the accounting lapses and realign roles and responsibilities of senior management.

Kotak Mahindra Bank, HDFC Bank and IDFC First Bank shares were trading in the green with marginal gains.

On the technical aspect of the bank index, Shriram Group's Way2Wealth Brokers said, "The overall trend remains bullish. Bank Nifty continues to form a higher high and higher low pattern on both the weekly and daily charts. The Super Trend indicate is positive, and it is trading above both short-term and long-term moving averages, which are sloping upward. Currently, support is placed at 54,176/54,000/53,150, while resistance is seen at 56,100. Traders should monitor daily price action closely and consider buying on dips, as the upcoming week could be volatile & the immediate intraday trend remains negative."

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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