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  1. Bank NIFTY hits record high led by strong rally in HDFC Bank, ICICI Bank and Axis Bank; here's what chart indicate

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Bank NIFTY hits record high led by strong rally in HDFC Bank, ICICI Bank and Axis Bank; here's what chart indicate

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2 min read | Updated on June 26, 2025, 14:55 IST

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SUMMARY

Bank NIFTY hit a new record high of 57,113 on Thursday after HDFC Bank led the rally to its new record high levels. The index heavyweight and the country's largest private sector bank shares are the focus primarily due to the ex-dividend date on June 27 and the IPO of its subsidiary HDB Financial Services. Along with HDFC Bank, shares of ICICI Bank and Axis Bank also traded over 1.5% near their respective record high levels.

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HDFC Bank led the 250 points rally in the NIFTY50 on Thursday. Image source: Shutterstock

Bank NIFTY index is in focus as it touched a new record high level of 57,112 on Thursday afternoon. The index showed strong resilience in the past few weeks against the headwinds caused by to war-like scenario. The index gained over 12.2% in 2025 and 8.5% in a one-year period. The rally was primarily driven by the index heavyweight stocks like HDFC Bank, ICICI Bank, Axis Bank and AU Small Finance Bank, which rallied up to 1.7% on Thursday afternoon.

Here’s what the chart indicates for Bank NIFTY and other index heavyweight stocks

Bank NIFTY

Nifty-Bank_2025-06-26_14-16-02.webp The index is giving a breakout above the previous record high levels of 57,049 by hitting a new record high level of 57113 on Thursday. On technical charts, the index traded near the upper band of the Bollinger band with strong momentum. Experts believe the outlook for the index remains bullish with key support of 56,112 on the downside, which is also 20 SMA on daily charts.

HDFC Bank

HDFCBANK-EQ_2025-06-26_14-24-48.webp Along with the index, the index heavyweight HDFC Bank also hit a new record high level of ₹2,106 apiece on the NSE. The rally comes after a brief consolidation of three months, as the stock price hovered in the range of ₹1900 to ₹1,980 price range from April 2025. The 1.7% gain on Thursday is primarily due to the ex-dividend date on 27th June and the ongoing IPO of its subsidiary HDB Financial Services.

ICICI Bank

ICICIBANK-EQ_2025-06-26_14-28-16.webp ICICI Bank share price is trading 1.4% higher at ₹1,445 apiece on the NSE at 2:25 pm on Thursday. The stock is nearly 2% away from its record high level of ₹1,471 apiece, last touched on 26th May 2025. On technical charts, the stock price is trading above the 21 EMA and indicating a strong bullish momentum. Experts believe a closing above the 21 EMA levels of ₹1,429 apiece on Thursday and Friday would lead to a rally towards record high levels.

Axis Bank

AXISBANK-EQ_2025-06-26_14-33-18.webp The third stock heavyweight player, Axis Bank, has formed a triple top on the daily charts as it took the resistance of the swing high trendline at ₹1,232. However, the stock has shown strong momentum by forming higher lows and taking support at the 21 EMA levels of ₹1,210 apiece.
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About The Author

WhatsApp Image 2025-01-20 at 11.25.23.jpeg
Rohan Takalkar is a senior writer at Upstox and a seasoned capital markets analyst with around 9 years of experience. He is passionate about writing on equities, global markets, and the economy.

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