IndusInd Bank and ICICI Bank shares jumped 2-3 percent each, and led the rally in the Bank Nifty today, taking the banking index to a record high.
Bank Nifty hits new all-time high.
The Bank Nifty scaled a new all-time high on Thursday, touching 58,609.2 in morning trade and rising 0.57 percent from the previous close, powered by solid buying in heavyweight private lenders. The index was last seen at 58,594.4, up 0.55 percent at about 11:00 am.
The Bank Nifty index has now gained 16.8 percent over the past year, outperforming NSE Nifty 50, which has risen 10.2 percent during the same period.
IndusInd Bank shares led the rally in banking stocks with a 2.98 percent jump to Rs 890.15. It was followed by ICICI Bank, which gained 2 percent to Rs 1,386.1. Axis Bank stock rose 0.73 percent to Rs 1,230.5, while State Bank of India edged up 0.55 percent to Rs 962.4. Among other constituents, Canara Bank and Punjab National Bank were marginally higher.
Bank Nifty technical outlook: Bullish structure continues
Rajesh Palviya, SVP Research at Axis Securities, noted ahead of market open today that Bank Nifty remains in a short-term uptrend. The daily RSI turned positive and positioned above its reference line, signalling a positive bias. He pegged the trend-deciding level for the day at 58,318. A sustained move above this could take the index to 58,464–58,654–58,800. On the other hand, a drop below 58,318 may lead to profit booking, with downside levels at 58,128–57,982–57,793.
Analysts at Prabhudas Lilladher said Bank Nifty would need a decisive breach above the 58,500 hurdle to trigger a fresh leg of upside in the coming days. They highlighted crucial support near the 50-day exponential moving average at 56,800, adding that the index is expected to trade in a broad daily range of 57,800-58,800.
The broader market mood was also firm. The BSE Sensex was up 248.6 points or 0.3 percent at 84,715.1, while the Nifty 50 advanced 74 points to 25,949.8. Market breadth stayed positive, with 2,070 stocks advancing against 1,458 declining.
Disclaimer: Moneywealth research provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Disclaimer: Moneywealth research provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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