The Nifty Bank index ended at a record closing high of 44,072 on Monday. However, it fell 0.1 point short of reclaiming its previous record high.

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The index made an intraday high of 44,151.70, while the previous record high of December 14 last year was 44,151.80.

The index has now gained nearly 6,000 points from its March 16 low of 38,613 from where it reversed. The Nifty 50 had made a low of 16,828 on March 20.

From its 52-week low of 32,290 on June 17, 2022, the Nifty Bank index has gained over 12,000 points.

Over the last two months, most of the recovery on the Nifty Bank index has been led by ICICI Bank and HDFC Bank. Individually, these stocks are up 14 percent and 9 percent respectively during the same period.

While most of the index constituents have gained during these two months, Federal Bank and Punjab National Bank have been underperformers.

Even if we take a look at the last 11 months, from the 52-week low of 32,290 on June 17, the 12,000 point recovery on the Nifty Bank has come from ICICI Bank and HDFC Bank. IndusInd Bank also makes an entry this time around among the top five contributors to the recovery.

"In my sense medium-term (the Nifty Bank) heads towards 49,000 in the months to come and the immediate support should be around 43,000," said Rohit Srivastava of Indiacharts.com.

In fact, in the 37 trading sessions since March 16, the Nifty Bank has declined only in nine of them. At the lows of March 16, the Nifty Bank index was down 10 percent year-to-date. Since then, it has not only recovered all of those losses, but also turned positive on a year-to-date basis. The index is now up 2 percent in 2023.