The Nifty Bank index witnessed a cut of 0.70 per cent on Wednesday, with 12 of its 13 constituents trading in negative terrain. Shares of State Bank of India, Axis Bank, and ICICI Bank traded fragile since the opening bell losing close to a 1 per cent, respectively. The trend in banking stocks remains sluggish, post their Q1 results.
The Reserve Bank of India (RBI) is set to announce its monetary policy tomorrow, and market participants will watch it closely, as it would clear its stance on the repo rate and inflation numbers.
Here’s the technical outlook on banks post Q1 results and ahead of RBI Policy:-