Bank Nifty rises 1,300 pts in four sessions, hit record high today; what's next?

Banking Stocks on a Roll: Bank Nifty Hits Fresh Record Highs

Over the last four sessions, banking stocks have seen a significant surge in value. Bank Nifty, the index of large capitalized banking stocks, has jumped 1,300 points and reached a fresh record high.

The Bank Nifty index, which stood at 58,820 on November 25, rose to a record high of 60,114 in the current session. This rally has also led to Sensex and Nifty hitting record highs.

Record Highs Across the Board

• Sensex: Rose to a record high of 86,159
• Nifty: Reached a record peak of 26,325

Bank Nifty Components in the Green

All components of Bank Nifty were trading in the green, led by stocks of PNB, AU Small Finance Bank, and Canara Bank.

Technical Analysis

According to PL Capital, the index has consolidated near the 58,800 zone with a bias maintained intact, anticipating a further upward move in the coming days. Most frontline banking stocks are well poised for further rise, with most technical parameters well placed.

• Support: Near the 58,600 zone
• Upside Targets: 61,400 and 63,500 levels in the coming days

BSE Bankex Hits Record High

BSE Bankex has witnessed a strong upward move in recent times, making a record high of 67,125. The zone has witnessed consolidation near the peak zone, with a breather taken. The trend maintained strong is anticipated to carry on with the positive move further ahead in the coming days.

• Support: Near the 65,800 zone
• Upside Targets: 68,700 and 70,000 levels

Bank Nifty Daily Range

Bank Nifty would have a daily range of 59,300-60,400 levels, said PL Capital.

BSE Bankex also hit a record high of 67,384, rising 438 points from the previous close of 66,946.