Dalal Street’s bullish momentum continued ahead of Diwali, with the Nifty Bank index hitting a new record high on Friday, October 17. Rebounding over 10,000 points from its March 2025 low of 47,702.90, the index climbed to an intraday peak of 57,828.30, surpassing its previous record of 57,628.40 set in July 2025. Driven by strong performances from HDFC Bank, ICICI Bank, Axis Bank, and IndusInd Bank, Nifty Bank rose 0.71% in today’s session, marking its third consecutive day of gains.
The index has advanced in six of the ten months of 2025, rallying over 5% so far in October after a 2% rise in September. Canara Bank has been the top gainer this year, up 19.6%, followed closely by HDFC Bank at 19.44%. Analysts say the rally has been supported by PSU banks, with private lenders joining the uptrend.
According to Kunal Kamble of Bonanza, Nifty Bank is nearing a key resistance at 57,664. A breakout above this level could trigger further upside toward 59,930 and 61,690, while immediate support is seen at 56,020. He advises traders to initiate fresh long positions above 57,664 with 56,020 as the stop level.
