Stock Market Today: On account of strong Q4 results by Bank Nifty majors like HDFC Bank, ICICI Bank, Kotak Mahindra Bank, AU Bank, Federal Bank, etc., Indian bulls finally managed to hit its all-time high of 44,151.70. In early morning deals, Bank Nifty index opened higher and went on to hit intraday high of 44,078 levels. After Nifty Bank index breaching its 44,000 hurdle, speculations are rife whether it would be able to climb a new peak surpassing its current life-time high of 44,151.80 levels.
On reasons for rally in Bank Nifty today, Ravi Singhal, CEO at GCL Broking said, “After strong fourth quarter results of major contributors in Nifty Bank index, there is buzz in the markets that slowdown in economy is a bluff and demand and growth theme is still intact with the national economy. They said that there is high probability for the Bank Nifty to go up to 45,000 levels. However, they maintained that Bank Nifty is in overbought condition and profit booking may trigger any time.”
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