Do not expect a deeper correction in Nifty Bank till 29,800 level holds

Going ahead, the immediate trend suggests the index will continue on its journey north provided it trades above 29,800 on a closing basis

A robust rally in banking stocks has driven the Nifty Bank index to its new all-time high levels. The index has outperformed other indices, except Nifty Financial Services, since March 12, 2019. The index is currently trading at 30,008 levels in intra-day deals on Wednesday, which is 5 per cent higher than its previous all-time high. The Nifty Financial Services index, on the other hand, has jumped 7 per cent during this period.

Going ahead, the immediate trend suggests the index will continue on its journey north provided it trades above 29,800 on closing basis. Till now, it has seen