Stocktwits - The Bank Nifty declined by around 0.5% on Tuesday amid profit-booking and broader market softness.
SEBI-registered advisor Orchid (NSE:ORCD) Research observed that the Bank Nifty appeared sideways to slightly bearish on the intraday chart, reflecting the current market consolidation and mild downward bias seen during today’s session.
However, the daily chart continued to present an opportunity for accumulation, according to them.
The research firm suggested that traders could initiate short intraday positions during weakness but keep the flexibility to convert them into long trades by day’s end if technical conditions improved.
This tactical view reflected a “buy on dip type of market,” where near-term corrections offered potential entry points for positional investors.
The Nifty Bank index opened lower and continued to slip on Tuesday, with major private sector banks such as Kotak Mahindra Bank (NSE:KTKM), HDFC Bank (NSE:HDBK), IndusInd Bank (NSE:INBK) and ICICI Bank (NSE:ICBK) posting 1%-2% losses.
In contrast, select public sector banks like Canara Bank (NSE:CNBK) (+4%) and Bank of Baroda (NSE:BOB) (+3%) showed resilience, resulting in public sector banks outperforming their private counterparts.