Nifty Bank gains 370 points, now 1% away from its all time high

7 out of past 8 session witnessed Nifty Bank above the 42,500 level. Today the index crossed the 43,600 mark, highest since December 2022 first week.

Sudeep Shah, Head - Technical & Derivatives Research at SBI Securities says 43,300 is a support level, followed by 43,000, while 44,100 is the resistance level followed by 44,450 in the next few sessions.

Buying momentum has continued for all days of this week with Nifty Bank being 0.7 percent higher, compared with 0.8 percent in Nifty 50.

Indian markets started Thursday's session on a flat note and after an initial hesitancy, resumed its upward trajectory. As the day progressed, the benchmark index gained momentum and ended the day surpassing 18,200 with an ease.

US Federal Reserve raising interest rates created a positive sentiment and most Asian markets traded higher on Thursday. Taparia adds "Nifty has been making higher top - higher bottom and supports are gradually shifting higher. Now support shifts higher at 18,000 zones and this rally can extend towards 18,500 zones. Good buying interest in HDFC, HDFC Bank and other Banking stocks cheering the bullish stance of the market."