India's Nifty 50 and Bank Nifty indices closed at record highs on January 2, marking a significant breakout from consolidation. The Nifty 50 rose 0.70 percent to 26,329, with analysts suggesting a potential move towards 26,500-27,000. The Bank Nifty also saw strong gains, targeting levels above 61,000. This rally, supported by positive momentum indicators and strong buying interest at lower levels, precedes the December quarter earnings season.