Nifty reaches all-time high crossing 22300 mark as per Technical Research expert Vaishali Parekh. Bank Nifty shows breakout above descending channel pattern, indicating further rise. Market breadth strong with major gainers in Metals, Auto, Banking, Financial Services, Energy and Infra, while Media, Pharma and IT lag behind.
Nifty gains strength throughout the day, surpassing 22200 mark to hit new all-time high of 22353. Index on a strong uptrend with targets set at 22500 and 22800. BankNifty shows recovery with targets at 48400 and 49700, near-term support at 46200. Sentiment positive for further rise in both indices, Parekh states.
With a ratio of 3:1 advance to decline, market sentiment remains bullish as Nifty and BankNifty continue to show strength. The indices are expected to reach new highs in the coming days. Overall, the outlook is positive for the stock market with sectors like Metals, Auto, and Banking leading the gains.
