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Nifty Bank index opened 200 points higher and extended the gains as the day progress and inched closer to 49,000 mark.
Nifty Bank index also zoomed to fresh high of 48,716.95 but closed with minor gain of 0.18 percent at 48,581.70.
The options data indicated that 22,500 is expected to be crucial for the direction in the Nifty 50 in the near term with hurdle on the higher side at 22,800 and support at 22,400-22,300 levels.
The volatility cooled down further, consistently giving more comfort and support to the bulls. The India VIX, the fear index, slipped 2.4 percent to 11.37 level, the lowest level since November 24, 2023.
The monthly options data indicated that 22,300 is expected to be crucial for the further Nifty direction with hurdle on the higher side at near record high levels (which is in between 22,500-22,600 levels), and support at 22,000 mark.