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Bank Nifty crosses 61,000, closes in on record high; further gains hinge on 61,400 breakout

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Bank Nifty crosses 61,000, closes in on record high; further gains hinge on 61,400 breakout

Bank Nifty crosses 61,000, closes in on record high; further gains hinge on 61,400 breakout

The banking index has gained around 12% in November, supported by renewed foreign investor buying, gains in public sector bank stocks and easing concerns over crude oil prices. A decisive move above 61,400 could take it to a new high, while failure to clear that hurdle may trigger consolidation.

Mumbai, Nov 11 (IANS) Indian equity markets opened on a strong note on Wednesday, with the benchmark Sensex and Nifty posting significant gains amid easing crude oil prices and improving sentiment towards domestic IT stocks.

Bank Nifty crossed 61,000 for the first time since February 27, touching 61,394.30 before closing at 60,792.40, still below its February record of 61,764.85.

Foreign investor buying, with nearly $6 billion flowing into Indian equities in November, and gains in PSU banks have supported the rally.

Technical indicators point to an overbought market and possible profit booking towards 60,000-59,800, although the broader trend remains positive.

A sustained breakout above 61,300-61,400 could take the index to a fresh record, while 60,000 and 58,800 are key support levels.

The Bank Nifty crossed 61,000 on Wednesday for the first time since February 27, moving within reach of its lifetime high, as renewed buying in banking stocks extended the November rally. 15 points. 85, recorded in February. 4% from its October 28 low of 53,626 at Wednesday's close. 5% from that low at its intraday peak. The rally has been supported by renewed foreign portfolio investor (FPI) buying, with financial stocks among the beneficiaries.


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