Nifty Bank zooms nearly 1,000 points. Here are important levels to track on Friday
Nifty Bank snapped a 2-day losing streak to close in the green with gains of nearly 1,000 points on Thursday.
The Nifty Bank rose 986 points to close at 48,768, while Nifty50 hit a fresh record high of 22,993.
Banking stocks gained momentum following the Reserve Bank of India's announcement of over Rs 2 lakh crore dividend payout to the government.
“The Nifty50 attained a lifetime high rising over 1%. Market sentiment, particularly in the banking sector, improved substantially following the Reserve Bank of India's announcement of a ₹2.11 lakh crore dividend payout to the government for FY24, which exceeded market expectations,” says Vishnu Kant Upadhyay, Assistant Vice President — Research and Advisory at Master Capital Services Ltd.
“This dividend payout is expected to help the government reduce its fiscal deficit and increase capital expenditure,” he said.
HDFC Bank, IndusInd Bank, AU Small Finance Bank, and Axis Bank closed with gains of over 2% each.
The Nifty Bank, which opened higher, gained momentum throughout the trading session pushing the index well above crucial resistance levels.
The index is now trading well above most of the crucial short- and long-term moving averages such as 5, 10, 30, 50, 100, and 200-DMA on the daily charts.
If the momentum continues, the next big target for the index is placed around 49,500-49,700 levels, suggest experts.
«As expected, Nifty Bank completed its upward movement towards 48,800. Following its rebound from Wednesday. The index continued to build its trend
