Bank Nifty Rallies 1,300 Points to Fresh Record as Banks Lead Market
Bank Nifty Rallies 1,300 Points to Fresh Record as Banks Lead Market
Bank Nifty climbs to a fresh record as banking shares drive a broad rally, with Sensex and Nifty at new highs; analysts map higher targets while caution persists.
Bank Nifty has surged about 1,300 points over the last four sessions, climbing to a fresh record high of 60,114 in today’s trading session. The broad market also flirted with new peaks as Sensex and Nifty both touched fresh highs, underscoring a banks-led revival in sentiment.
Every Bank Nifty constituent traded in the green, with lenders such as PNB, AU Small Finance Bank and Canara Bank among the top gainers. The move follows a technical setup seen around the 59,600–60,000 zone, with near-term support placed around 58,600. PL Capital warns that the index could target higher levels, suggesting possible targets of 61,400 and 63,500 in the coming days. The broader Bankex also rose, with levels near 65,800 acting as near-term support and upside targets of 68,700 and 70,000 discussed by analysts.
In the backdrop, BSE Bankex joined the rally by hitting fresh highs in the 67,384 region as the sector continues to lead the rally. Bank Nifty’s reported daily range sits around 59,300–60,400, signaling a breakout phase that traders say could extend if key supports hold.
On the macro front, Sensex traded around 86,159 and Nifty near 26,325, buoyed by a robust Q2 GDP print of 8.2%, with manufacturing and services leading the expansion. Analysts say the healthy macro backdrop reinforces the case for further upside, especially if corporate earnings stay resilient. A buy-on-dips approach was highlighted by some strategists, with emphasis on a continued rotation into financials and other cyclical winners as the week unfolds.
Cover image source: Will Nifty extend its rally towards 26,500–26,800 this week? 🔗
