Nifty Bank hits fresh record highs! Here are key levels to track on Thursday
Nifty Bank rallied nearly 1,000 points to hit a fresh record high on Wednesday, tracking positive cues.
The index closed 957 points higher at 51,398. It hit a record high of 51,957 in trade on Wednesday. The Nifty50, on the other hand, pared gains after hitting record highs to close marginally in the red.
IndusInd Bank, ICICI Bank, HDFC Bank and Axis Bank were among top gains while selling was seen in AU Small Finance Bank and Bank of Baroda.
The Nifty Bank inched closer to 52,000 in intraday trade but failed to hold the momentum. The crucial support for the index is placed at 51,000.
«The Bank Nifty index continued its strong momentum post-breakout and approached the mark of 52,000. The strong momentum is likely to continue, with immediate support at the 51,000-50,900 zone,” says Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
“The index remains in a buy mode, and dips should be bought aggressively for targets of 52,100-52,600,” he said.
The Nifty Bank opened higher and built on gains throughout the session. It hit a record high of 51,957 in the second half of the trading session; however, it failed to hold the momentum.
The index pared gains but managed to close above the 51000 mark.
“Bank Nifty was underperforming Nifty/Sensex as both the indexes were making fresh highs this and last week but on Wednesday it seems that Bank Nifty woke up from its slumber and grabbed markets attention by posting strong gains on Wednesday,” said Bhavik Patel- Senior Research Analyst, Tradebulls
