Bank Nifty Scales New All-Time High; IndusInd Bank, ICICI Bank Lead Rally; What Should Investors Do?

Bank Nifty Scales New All-Time High; IndusInd Bank, ICICI Bank Lead Rally; What Should Investors Do?

The Bank Nifty hit a fresh record high on Thursday, climbing to 58,609.2 in early trade, up 0.57 per cent from the previous close, driven by strong buying in leading private banks. Around 11:00 am, the index was trading slightly off its peak at 58,594.4, higher by 0.55 per cent.

IndusInd Bank led the gains, surging 2.98 per cent to Rs 890.15, followed by ICICI Bank, which advanced 2 per cent to Rs 1,386.1. Axis Bank added 0.73 percent to Rs 1,230.5, while State Bank of India rose 0.55 per cent to Rs 962.4. Among other constituents, Canara Bank and Punjab National Bank posted modest gains.

The broader market sentiment remained upbeat. The BSE Sensex was up 248.6 points, or 0.3 per cent, at 84,715.1, while the Nifty 50 gained 74 points to 25,949.8. Market breadth stayed positive, with 2,070 stocks advancing against 1,458 declining.

Rajesh Palviya, SVP–Research at Axis Securities, said ahead of Thursday's session that the Bank Nifty continues to exhibit a short-term bullish structure. The daily RSI has turned positive and remains above its reference line, indicating a continued positive bias. He identified 58,318 as the key trend-deciding level for the day. A sustained move above this could lift the index towards 58,464–58,654–58,800, while a fall below 58,318 may trigger profit booking, pushing it down to 58,128–57,982–57,793.

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Analysts at Prabhudas Lilladher noted that a decisive breakout above 58,500 would likely initiate a fresh leg of upside in the coming sessions. They highlighted immediate support near the 50-day exponential moving average at 56,800, expecting the index to trade within a broad range of 57,800–58,800 in the near term.

The broader market tone also remained upbeat. The BSE Sensex was up 248.6 points (0.3%) at 84,715.1, while the Nifty 50 added 74 points to 25,949.8. Market breadth was positive, with 2,070 stocks advancing against 1,458 declining.

Source: News18
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