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Nifty Bank hits record high in an overall weak market; here's why
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Nifty Bank hits record high in a overall weak market led by gains in Bank of Baroda (up 1.26%), State Bank of India (up 0.60%), and Kotak Mahindra Bank (up 0.53%). According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, the long-awaited target of 46000 has now become a reality.
Technically, the overall chart structure remains attractive, indicating a bullish sentiment. However, it is important to acknowledge that the market is slightly overbought.
Therefore, it is advisable to refrain from complacency and consider booking profits at the higher levels. Levels wise, we observe a shift in the support base to the 45500-45600 zone now; whereas on the upside, the immediate hurdle lies in the range of 46300-46500.
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