At the time of this report’s submission, the index was trading at 44,501
At the time of submitting this report, the index was trading at 44,501.50. Before that, Nifty Bank recorded a lifetime high on December 14, 2022 at the level of 44151.80
Fair today: Nifty Bank – NSE index comprising the most liquid and large capitalized Indian bank stocks – due to strong Q4 results from Bank Nifty majors like HDFC Bank, ICICI Bank, Kotak Mahindra Bank, AU Bank, Federal Bank, etc., Indian bulls finally succeeded to reach 44,000 levels for the first time since December 2022.
On the reasons for the rally in Bank Nifty today, Ravi Singhal, CEO of GCL Broking, said: “Following strong fourth quarter results from key contributors to the Nifty Bank index, there is a rumor in the markets that the slowdown in the economy is an bluff and demand and growth theme is still intact with the national economy.
At the time of submitting this report, the index was trading at 44,501.50. Previously, Nifty Bank recorded a lifetime high of 44151.80 on December 14, 2022, and earlier this year the index had reached its all-time low of 38613.15 on March 16, 2023.
After the Nifty Bank index broke the 44,000 mark, there has been a lot of speculation about whether it would be able to climb a new peak that surpasses its current all-time high of 44,151.80.
Santosh Meena, Head of Research, Swastika Investmart Ltd., said: “The Banknifty index has shown strong leadership and is expected to reach a new all-time high. However, it is important to recognize the possibility of profit booking at this level.”
Bank Nifty could reach record highs
“Bank Nifty bulls continued to hold their long positions and the intraday dip was used to maintain their strength. The immediate resistance for the index is 44,000 and the downside support is 43,500. The polls in Karnataka will be crucial for the markets that will set the direction for the coming week. The index has crossed the 44,000 level and will reach its highest level ever,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Bank Nifty key resistance at 43,500
“For NSE Nifty Bank, 43,500 would be the sacred level to watch out for, above which it could go up to 44,000-44,300. On the other hand, a quick short-term correction is possible if it trades below 43,500 and below that it could fall to 43,000-42,800,” said Amol Athawale, Technical Analyst (DVP), Kotak Securities.
Buy or sell shares at Bank Nifty today
On shares available for purchase today, GCL Broking’s Ravi Singhal said, “One can buy Kotak Mahindra Bank shares and AU Small Finance Bank shares after profit posting is triggered.”
Revealing pivot levels regarding these bank stocks to buy today, Sumeet Bagadia, executive director at Choice Broking, said, “Buy and hold AU Small Finance Bank shares for short term target of Rs 780 while maintaining stop loss at Rs 750. one buy and hold Kotak Mahindra Bank shares for short term target of Rs 2050 and Rs 2100 while maintaining stop loss at Rs 1930 each.