Stock market today: Bank Nifty hits record high led by IndusInd, ICICI, HDFC Bank shares; analysts suggest ‘buy on dips’

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IndusInd Bank, Kotak Mahindra Bank, ICICI Bank, Axis Bank and HDFC Bank led the gains among the Bank Nifty constituents as these stocks rallied up to 1-2%. All other banking stocks in the index were trading in the green.Also Read: Frog, Pig, Vulture, or Ape: Which type of investor are you in the market jungle?Bank Nifty has gradually picked up strength and as a decisive breach above 51,000 is confirmed, analysts believe this shall further strengthen the bias for next targets of 52,400 and 53,500 levels in the coming days with support maintained near 49,600 zone.

Meanwhile, Bankex after the consolidation witnessed has indicated a positive candle formation to close above the resistance zone of 57,100 levels to improve the bias and further rise is anticipated in the coming sessions, said Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher Pvt. Ltd.According to Parekh, Bank Nifty would have the daily range of 50,000 - 51,000 levels with Bankex support at 56,600 and resistance at 57,800 levels.Also Read: Stocks to buy: Chambal Fertilisers, RCF among three fertiliser stock picks with up to 113% upside potentialSupport for Bank Nifty is placed at 50,040 and 49,639 levels, while resistance is seen at 50,702 and 50,963 levels.“For today’s expiry, Bank Nifty is expected to potentially move towards the 50,800 - 51,000 range.