Nifty Bank | Nifty Bank index: Nifty Bank index in bear grip, weakness may continue in the near term

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Technical charts indicate a head and shoulder top formation for the Nifty Banks index reflecting a possibility of a sustained weakness in the near term.

Synopsis

The index slipped into the bear territory for the first time since March 2020. The near 21% fall in the bank index is sharper than the 14% drop in the benchmark Nifty 50 from the peak levels.

The Nifty Bank Index has technically entered a bear market after falling by more than 20% from the peak on growing concerns that higher energy prices may curtail India’s GDP growth. The index slipped into the bear territory for the first time since March 2020. The near 21% fall in the bank index is sharper than the 14% drop in the benchmark Nifty 50 from the peak levels.

The pressure on banking stocks also affects the broader Nifty 50 index

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