Banking Sector Boost Nifty to New Levels: What’s Coming Next?

The Nifty has shown a clear turnaround with a double bottom pattern and has broken past the 23,800 level. This strong move is mostly thanks to the banking sector, especially with great Q4 results from HDFC Bank and ICICI Bank.

The Bank Nifty, now trading just below its all-time high, might struggle near 55,000—a zone that previously triggered a pullback, leading to consolidation in the broader market.

For Nifty, the immediate resistance is seen at the 24,000 level, where significant call writing activity may pose a hurdle. On the downside, a breach below 23,500 could signal a potential reversal, dragging the index into a downtrend once again.