Nifty Achieves New Record High Potential Rally Towards 23,000 on Horizon

**Nifty Hits Fresh High, Nifty Bank Surges Past 49,000 Mark**

April 10 witnessed a continuation of the record-breaking rally at Dalal Street, with the Nifty50 index scaling new heights propelled by broad-based buying across sectors. Anticipation surrounding the FOMC minutes and US inflation data further fueled market optimism.

Starting the session above the 22,700 mark, the Nifty50 remained rangebound until the final hour of trading, where it surged to 22,775.70, surpassing the earlier record high of 22,768.40. The day concluded with the Nifty closing 111 points higher at 22,753.80, indicating a 0.49 percent increase from the previous close.

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Rupak De, Senior Technical Analyst at LKP Securities, observed, "The Nifty mostly remained sideways today as investors preferred to wait ahead of the US CPI inflation data, which could potentially impact rate cuts by the Fed." He highlighted the resistance zone at 22,700-22,750, with support at 22,600. De suggested that a decisive move above 22,750 might induce a rally towards the 23,000 mark in the short term.

Meanwhile, Nifty Bank also commenced on a positive note, extending gains throughout the day and crossing the significant milestone of 49,000 for the first time. The index reached a fresh record high of 49,057.40 before closing 0.53 percent higher at 48,986.60.

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, commented on the Bank Nifty's performance, stating that it remained in consolidation mode at elevated levels. "Immediate support rests at 48,500, with resistance at 49,000," he noted, emphasizing the significance of these levels. Shah suggested maintaining a buy-on-dip stance, with 48,500 serving as a crucial support level against potential downturns.

As market participants navigate through volatile conditions, the bullish momentum observed in both the Nifty50 and Nifty Bank underscores investor confidence and optimism, setting the stage for potential further upside movements.

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