When will Bank Nifty achieve lifetime high? Why 30,600-30,800 levels crucial, Anil Singhvi explains

When will Bank Nifty achieve lifetime high? Why 30,600-30,800 levels crucial, Anil Singhvi explains

While NSE Nifty 50 and BSE Sensex have been making new highs on a daily basis, what lies ahead for the Bank Nifty? When is it expected to create a new record? While it has crossed the 30,000 mark, is it on road to reach the 32,000 mark? If you are wondering how this index would perform, don’t worry. Zee Business Managing Editor Anil Singhvi gives his take on this? 

The new record will happen  when the Bank Nifty crosses the 32,600 levels, its previous lifetime high. While it is difficult to predict when this level will be breached, the Market Guru said that the index has been trying hard to do this over the last 2 trading sessions.

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What has augured well for Bank Nifty is that the index has managed to close above 30,000 on both the occasions.  

What is lacking is the momentum with which it should have run after achieving this milestone, Singhvi said. He attributed this lack of momentum to HDFC Bank, which is an index heavyweight. The momentum has been lost to some extent because of the ongoing controversy around the digital cards.  

The bank has been underperforming since that time, he further said.  

It will be difficult for the Bank Nifty to hit a lifetime high unless HDFC Bank starts performing better, the Market Guru opined.  

It is not to say that the Bank Nifty will not attains its lifetime highs, he clarified. The index has been trading in blocks of 500 points and it appears that it wants to spend some time between 30,000 and 30,500.  

He also observed that the energy in Bank Nifty is somewhat lacking now despite the last two closing above the 30,000 level. However, a good point is that the index is also not showing any mood to settle below this level also, despite hovering around 29,500 for some time. 

On previous occasions, after a breakaway from an important level, there was no stopping.  

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Bank Nifty Broad Range: 

The broad range for Bank Nifty is between 30,600 and 30,800 and whenever this range is breached, the index will be decisively headed toward the 32,000 level, he said.

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