Nifty Bank Hits New High; To Likely Impact Nifty Going Forward

Amid moderate gains to the tune of 0.34-0.35 percent on both the headline indices, Bank Nifty has clinged a new high in trade on October 22, 2021. The high hit has been of 40,325.70.

Majorly the private counters have been propelling the Nifty Bank to new high including HDFC Bank, SBI, Axis Bank, PNB and Kotak Mahindra.

Nifty Bank Hits New High; To Likely Impact Nifty Going Forward

The pack 12 constituents such as PNB have gained the highest and its other 11 stocks 4 are in the negative zone including the likes of Federal Bank, Bandhan Bank, IndusInd Bank and Kotak Bank.

In the previous day's trade too, the banking pack worked and moved a different and provided support to Nifty which else could have gone down to 18000. Now, as the Nifty Bank is probably behaving different, it's likely movement will determine the overall sentiment for the market going ahead.

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