Nifty Bank hits a fresh record high! Next target seen at 48,500 levels: Experts
Nifty Bank closed higher on Wednesday for the second consecutive day in a row pushing the index to a fresh record high in line with the trend seen in the benchmark index.
The Nifty Bank rallied more than 500 points to close at 48,282. The index hit a record high of 48,347.
The Nifty50 index also hit a record high above 21,600 levels.
The rally in the Nifty Bank index was led by gains in PNB, Bank of Baroda, IndusInd Bank, SBI and Axis Bank. HDFC Bank and Federal Bank closed flat.
Healthy macro data as well as strong global cues helped the index to hit fresh record highs and the next target is seen around 48,500 levels, suggest experts.
«The Bank Nifty recently experienced a breakout from consolidation as observed on the daily chart.
It's been consistently maintaining a position above a critical moving average,” Rupak De, Senior Technical Analyst at LKP Securities, said.
“Additionally, the Relative Strength Index (RSI) reflects a bullish crossover on the daily chart. Looking forward, the index could potentially target levels between 48,500-48800 on the upside, with a support base at 48,000,” he said.
Levels To Track The Nifty Bank opened above 47,800 levels and picked up momentum which pushed the index to a record high of 48,347.
The index saw a spike towards the close of the session.
The Nifty Bank index opened marginally higher and gradually extended its momentum. The index formed a strong bullish candle as it recorded a breakout from an 8-day consolidation range on the daily charts which is a positive sign for the bulls.
“The Nifty bank formed a strong Bullish candle on the daily scale as good buying was seen across Banking stocks,” Chandan Taparia, Senior Vice President | Analyst-Derivatives at Motilal Oswal
