The domestic benchmark indices opened positively on Thursday, in line with global cues. Nifty started the day on a positive note, and after a period of consolidation, the index broke its short-term hurdle of 25,130 as well as previous record high of 25,334, closing near a record high at 25,389. The volatility index, INDIA VIX, cooled off by 3.26%, settling at 13.18, indicating a drop in market volatility.

Technically, the index formed a large green candle on the daily chart, indicating strength. Moreover, the index has witnessed a breakout from the short-term consolidation zone of 24,750-25,330. As per this breakout, if the index holds above 25,300, it could potentially test 25,600-25,800 in the short term. Hence, a "buy on dips" strategy is recommended as long as Nifty remains above 25,300.

Bank Nifty also started the day positively, maintaining buying interest throughout and ultimately closing on a strong note at 51,772. On the daily chart, the index formed a large green candle, reflecting strength. Moreover, it broke through the 51,400-51,420-resistance zone, indicating a fresh breakout that could drive the index towards 52,000 levels. On the downside, 51,400 serves as key support. Therefore, a "buy on dips" strategy is recommended for Bank Nifty as long as it stays above 51,400.

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