Bank Nifty hits record high of 31,796; YES Bank, Bank of Baroda top performers
The top performers are YES Bank which jumped over 3 percent followed by Bank of Baroda, ICICI Bank, IDFC First Bank, Punjab National Bank, SBI, Federal Bank and HDFC Bank.
November 26, 2019 / 10:34 AM IST
Markets have hit yet another fresh record highs on November 26 following global markets that surged as trade talks between the US and China gained momentum.
Bank Nifty hit new record high of 31,796.20 level last hit on May 31, 2019. The top performers are YES Bank which jumped over 3 percent followed by Bank of Baroda, ICICI Bank, IDFC First Bank, Punjab National Bank, SBI, Federal Bank and HDFC Bank.
Gautam Shah, founder and chief strategist at Goldilocks Premium Research, on November 21, said that there is a possibility of the Nifty hitting 13,000 in a few weeks as the market is headed higher and it is only going to get better. He said that not only the Nifty but broader markets are also likely to get stronger.
"With the price performance in the last couple of months, one would notice that Nifty Bank took a little bit of a time to get past the post-tax announcement high and that happened in the last one-one-and-a-half week and after having done that the Nifty Bank has greater momentum than the Nifty," he added.
"The outperformance of banking was seen in the market so chances of moving closer to 33,200 can be seen. If it sustains above that then further progress will be seen," said Vishal Wagh, Head of Research at Bonanza Portfolio.