Bank Nifty needs to cross the 49,000 mark on a weekly closing basis to show strength and potentially retest its previous all-time high and break above it.
Soni Patnaik of JM Financial said that the rollover data showed fewer rollovers, indicating that long positions are being booked. She advised investors to maintain caution.
Stock market today: The Nifty 50 jumped 1.8 per cent to hit its fresh record high of 22,993.60, while the Sensex jumped 1.7 per cent to hit its fresh record high of 75,499.91 during the session. Nifty 50 closed 1.64 per cent higher at 22,967.65. Sensex closed 1.61 per cent higher at 75,418.04.
Market buoyancy continued as Nifty reclaimed record high, gaining over 1.5%. Positive trend expected to persist with banking index adding momentum. Focus on heavyweight stocks advised.