Bank Nifty Scales Record High on Strong Private Bank Gains

The Bank Nifty index touched a new all-time high of 58,609.2 in Thursday’s morning trade, rising 0.57% from the previous close, supported by solid buying in heavyweight private lenders. By 11:00 am, the index was trading at 58,594.4, up 0.55%.

Over the past year, the Bank Nifty has gained 16.8%, outperforming the NSE Nifty 50, which rose 10.2% during the same period.

IndusInd and ICICI Bank Lead the Rally

IndusInd Bank shares jumped 2.98% to ₹890.15, leading the rally among banking stocks. ICICI Bank followed with a 2% rise to ₹1,386.1.

Other major gainers included Axis Bank (up 0.73% to ₹1,230.5) and State Bank of India (up 0.55% to ₹962.4). Canara Bank and Punjab National Bank also traded marginally higher.

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Technical Outlook: Bullish Trend Intact

According to Rajesh Palviya, SVP Research at Axis Securities, the Bank Nifty remains in a short-term uptrend. The daily RSI turned positive, indicating a continued bullish bias.

Palviya identified ₹58,318 as the trend-deciding level for the day.

• A move above 58,318 could push the index to 58,464–58,654–58,800.

• A drop below 58,318 may trigger profit booking, with downside levels at 58,128–57,982–57,793.

Analysts at Prabhudas Lilladher noted that a decisive breakout above 58,500 could initiate a fresh upside leg, while key support lies near the 50-day EMA at 56,800. They expect the index to trade in a broad range of 57,800–58,800 in the near term.

Broader Market Overview

The broader market sentiment also remained positive. The BSE Sensex gained 248.6 points (0.3%) to 84,715.1, while the Nifty 50 advanced 74 points to 25,949.8.

Market breadth stayed positive, with 2,070 stocks advancing against 1,458 declining.

Key Highlights

• Bank Nifty Record High: 58,609.2

• 1-Year Gain: 16.8% vs Nifty 50’s 10.2%

• Top Gainers: IndusInd Bank (+2.98%), ICICI Bank (+2%), Axis Bank (+0.73%)

• Key Support: 56,800 (50-day EMA)

• Resistance Range: 58,500–58,800

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