The Indian equity indices on Monday closed higher led by banking stocks majorly by ICICI Bank as investors were optimistic after it released its Q4 results for FY24. Nifty Bank soared 1,223 points or 2.54% to close the day’s trading at 49,424.05. The banking index touched its record high of 49,473.60 level on April 29. Similarly, Nifty Midcap 100 also touched its all-time high of 50,875.70 on April 29. While it closed 210.35 points or 0.42% higher at 50,834.45.

Sensex jumped 938 points or 1.27% to close the day’s trading at 74,668.04. The Nifty 50 closed 223.45 points or 1% higher at 22,643.40. The gainers included ICICI Bank, SBI, IndusInd Bank, UltraTech Cement, and Axis Bank. The Indian Volatility Index (India VIX) was up 11.89%. 

In the broader indices, smallcap and midcap stocks closed in the green.  Come from Sports betting site VPbet

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“The banking index has reclaimed its record high today, thanks to noticeable traction in private banking majors. In line with the Nifty, it is also trading in a rising channel on the weekly chart and inching gradually towards the upper band of the same. We are now eyeing the 50,000-50,500 zone to be tested soon, with a strong base at 48,000- 48,500. Participants should prefer private banking majors like Axis Bank, ICICI Bank, Federal Bank and stay selective in the PSU space,” Ajit Mishra, Senior Vice President of Research at Religare Broking.

“As far as the Bank Nifty closed at a new All-time High of 49424 and expected to continue with the up move. The rally has been backed by a strong up move in the key heavyweights like ICICI Bank, AXIS Bank to name a few. Overall, the trend is positive, and the next immediate hurdle is placed at 49900 – 50000. Support base shifts higher to 48800 – 48900 zone,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.

“The bulls have pushed the index above the previous swing high, signaling a strengthening bullish trend. Additionally, the index has moved beyond the recent consolidation phase. The RSI (14) indicator is in a bullish crossover and is rising. Overall sentiment is expected to remain positive in the short term. Higher gains are anticipated towards 49800-50000, with support at 49000,” said Rupak De, Senior Technical Analyst at LKP Securities

“It was clearly a day in favour of the bulls,” said Tejas Shah, Technical Research, JM Financial & BlinkX. “India VIX witnessed a sharp rally to the levels of 12.24 (Up by 11.99%). The Nifty index closed above the crucial resistance zone of 22,400-500 and accordingly we believe that the rally is likely to continue and it can test the next resistance zone of 22,750-800 (ATH Area) on the higher side.”

“The Indian benchmark indexes rebounded, aided by an upbeat in US tech quarter earnings and a drop in US 10-year yield. Domestically, the Bank Nifty outperformed, driven by its strong performance in the fourth quarter. An ease in Middle East tensions, coupled with stable earnings, is expected to maintain positive market sentiment. Moving forward, FED policy and US non-farm p