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

Banking stocks are on a roll in four sessions. Bank Nifty-the index of large capitalised banking stocks- zoomed 1,300 points hitting fresh record highs during the period. The index, which stood at 58,820 on November 25 rose to a record high of 60,114 in the current session. Amid the rally in banking stocks, Sensex and Nifty too hit record highs in the current session. 

While Sensex rose to a record high of 86,159 Nifty recahed a record peak of 26,325. 

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

PL Capital in a note said, "The index has  consolidated near the 59800 zone with bias maintained intact anticipating for further upward move in the coming days  with most of the frontline banking stocks well poised for further rise with most of the technical parameters well placed. The index would have the near-term support positioned near the 58600 zone and, on the upside, can expect for fresh  higher targets of 61400 and 63500 levels in the coming days." 

"BSE Bankex has witnessed a strong upward move in recent times to make record high of 67,125 zone has witnessed consolidation near the peak zone with a  breather taken and with the trend maintained strong, is anticipated to carry on with the positive move further ahead in  the coming days. As mentioned earlier, the zone near the 65,800 would be the near-term support whereas on the upside one can expect for fresh higher targets of 68,700 and 70,000 levels as said earlier, with the frontline banking stocks well  poised for further gains in the coming days. BankNifty would have the daily range of 59300-60400 levels, said PL Capital. 

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

Ponmudi R, CEO of Enrich Money said, "A break below 59,500 could open the door toward 59,000–58,600. On the upside, if Bank Nifty sustains and consolidates above the 59,600–59,500 region, the rally can extend toward 60,000–61,000 and beyond in the coming week."