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As for the Nifty, going ahead, immediate support is expected around last Thursday’s low of 22,300, which coincides with the 20EMA (20-day exponential moving average), followed by the pivotal support of the bullish gap around 22,200.

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State Bank of India was the second largest gainer in the Nifty 50 on Thursday and ended at new closing high. The stock has formed a Bullish Marubozu kind of candlestick pattern on the daily charts, with robust volumes.

With the overall sentiment remaining bullish, any pullbacks towards the support zone should be viewed as buying opportunities in the Bank Nifty.

Bharat Dynamics decisively surpassed its previous record high of February 27 and ended at new closing high of Rs 2,046 with robust volumes. The stock has formed long bullish candlestick pattern on the daily timeframe.

Most private banking stocks remain strong forming higher highs and higher lows, which could lead Bank Nifty to make new all-time highs in the coming weeks.

Ashwini Shami of OmniScience Capital also expects the RBI to cut interest rates at least once this year to balance the currency impact of a similar action by the US Federal Reserve

Amara Raja Energy formed robust bullish candlestick pattern on the daily charts. The trading volumes remained strong for last five days, while the stock traded well above all key moving averages.

Any level above 22,400 could push Nifty towards new all-time high and beyond.