Nifty Bank Surges to Record High, Breaches 57,300 for the First Time

The Nifty Bank index soared to a new lifetime high on June 27, crossing the 57,300 mark for the first time in its history. The index touched 57,340.75 during morning trade, extending its winning streak for the fourth straight session.

Banking stocks, especially PSU banks, were at the forefront of this rally, driving the index to record levels. The sustained momentum in the market has boosted investor confidence, with analysts expecting more gains in the near term.

“I expect Bank Nifty to cross 58,000 over the next 2–3 weeks. If it holds above 56,250, we can look at an upside target of 57,050 today,” said Chandan Taparia, Senior Vice President and Head of Derivatives & Technical Research at Motilal Oswal.

He also highlighted that post-expiry momentum could continue in both Nifty and Bank Nifty, further supporting the ongoing rally.

PSU Banks Take the Lead

Public Sector Banks have been showing impressive strength, becoming key contributors to the Nifty Bank’s performance. The optimism is supported by positive technical signals and broader market sentiment.

Strong Macros Back the Bullish Momentum

Independent analyst Ajay Bagga pointed out that India’s strong macroeconomic indicators are fueling the banking sector’s rise. According to him, RBI’s proactive policies, including rate cuts, liquidity support, and regulatory relief, are setting the stage for sustained growth in the banking sector.

“India’s robust macro, tailwinds from a good monsoon, income tax relief injecting purchasing power, and falling inflation all have created a good backdrop for credit growth,” Bagga noted.

What Lies Ahead?

The recent uptrend reflects market optimism around the banking sector’s future performance. With strong macro fundamentals, positive sentiment post-expiry, and ongoing policy support, analysts believe that Bank Nifty could continue to scale new highs.

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