NGXBNK

The Banking Index finally showed some signs of relief after bouncing from the key support zone at 2,194.2 points. Last week was largely bearish for the sector as profit-taking and weak sentiment weighed on most banking names. However, yesterday's rebound suggests buyers are beginning to step back in.
Going forward, what matters most is sustained capital inflow into the sector. If demand continues to improve, the index could build enough momentum for a recovery from current levels.
That said, the 2,194.2-point support remains the line in the sand. A decisive breakdown below this level could expose the index to a much deeper correction, with the next major support zone around 1,875.7 points.
For now, the bounce is encouraging, but confirmation will come from stronger volume and continued accumulation across the banking names.
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