Nifty & Nifty Bank Rally: Why ICICI Bank stock looks stronger than Reliance, HDFC Bank — Explained by Anil Singhvi

Bank Stock to buy: The market’s “Big Data” is showing strong signals of an upward move, with both Nifty and Bank Nifty displaying bullish patterns.

According to market expert Anil Singhvi, the recent trends indicate growing momentum, especially in select heavyweight stocks like ICICI Bank, which is showing better leadership than giants such as Reliance and HDFC Bank.

Broader Market Signals a Big Move

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Singhvi highlighted that Nifty made both a higher high and a lower low on the previous day, indicating a wide trading range, a sign of preparation for a large directional move.

Since the index closed near its day’s high, he believes this move is likely to be on the upside. “The data clearly shows preparation for a big upward move,” he said.

Nifty has closed at a five-day high and is attempting to re-enter the 25,700–26,000 range after breaking below it earlier. Bank Nifty, too, has closed in the green for three consecutive sessions and has made higher highs for three days in a row, suggesting increasing volatility but with strength at higher levels.

“The large range and day-high close are clear signs that the market is preparing for a strong positive move,” Singhvi explained.

Midcaps Gaining Strength, IT Showing Revival

Among broader indices, the Midcap index hit a one-year intraday high and is just 1 per cent away from its all-time high. Smallcaps, however, showed slight weakness and struggled to close above their 100-day moving average near 18,200.

Singhvi pointed out that while smallcaps need some strength, midcaps are showing clear signs of resilience.

He also highlighted the IT sector as an emerging leader. “After four months, the IT index has finally closed above its 100-DMA.

Even a modest positive close today could confirm a breakout,” Singhvi said, adding that IT could soon join banking and auto as a key driver for the Nifty’s next leg of rally.

ICICI Bank Takes the Lead Over Reliance and HDFC Bank

Turning to blue-chip stocks, Singhvi observed that Reliance has been range-bound between Rs 1,470 and Rs 1,510 for several sessions, showing no decisive trend. HDFC Bank, too, remains in a consolidation phase between Rs 970 and Rs 1,020.

However, ICICI Bank has clearly emerged as a leader. “Even though HDFC Bank has a larger market cap, ICICI Bank is showing stronger direction. It is leading both in weakness and in strength,” Singhvi said.

The stock has been rising consistently for three sessions, closing at Rs 1,360, its weekly high.

According to him, ICICI Bank is outperforming not just HDFC Bank but also Reliance in terms of momentum and market leadership. “If you want to gauge direction in Nifty or Bank Nifty, look at ICICI Bank; it moves first,” he added.

Global and FII Trends Support the Positive View

Singhvi also noted that FIIs have slowed their selling, with the smallest sell figure of November seen recently, while domestic funds continue to buy for over 50 consecutive sessions.

Globally, the Dow Jones hit a new closing high, and the dollar index has weakened, both supportive signs for Indian equities.