Nifty Bank may hit new all-time highs

The bull run continues with the Nifty hitting another new high for calendar 2017. The index rose to 8,982. It remains above 8,900 and it is testing resistance in 8,950-9,000 range. The all-time high of 9,120 is quite close.

Foreign Portfolio Investors (FPIs) have been net positive since the Budget. Domestic institutions have also remained net buyers although the DII buying has eased. The technical trends remain positive across the broad market. FPI buying has helped to ease the dollar down. However, rupee treasury yields have hardened somewhat.

The Nifty Bank has already hit all-time highs and the Bank index