Bank Nifty index fell for fifth straight session on October 26 and was trading near the psychologically important 54,000-mark with PSU banks leading the losses.
Among individual counters, AU Small Finance Bank, IDFC First Bank led the losses by falling 7.5% and 1.2%, respectively, as a reaction to their Q2 results.
At 1 pm on October 26, Bank Nifty was trading 0.5% lower at 54,029.25 while Nifty PSU Bank index was trading nearly 1% lower.
Analysts weighed on key trading levels for the sectoral index in the short-term.
"A follow through weakness below 54,000 will open further downside towards 53,500 and 53,100 levels in the coming sessions. Index has key short-term support at 53,500-53,000 being the confluence of the trendline support joining previous major lows and key retracement of the previous major up move.