Nifty Bank index headed to 44,000 level; Bandhan Bank remains a risky bet

Here's how key constituents of the Nifty Bank index look on the charts.

The Nifty Bank index hit a fresh all-time high of 41,939 on Wednesday. This is the second time in fiscal 2022-23 (FY23) that the index has managed to surpass its previous high. The last time it did so, the index succumed to profit booking and lost 10 per cent in just 11 trading sessions.  

So far this Q3FY23, the Nifty Bank index has gained 8 per cent and has soared 18 per cent in FY23, data shows. This performance, however, dwarfs in comparison to the Nifty PSU Bank index, which has rallied around 50 per cent during this period. In comparison, the