Nifty continues its bearish move that had begun yesterday. The induce is trading at 8860 spot levels, down about 50 odd points from yesterday. Please note that 8840/50 is initial support for Nifty as discussed yesterday as well. It need to be seen how the indice reacts there. Short positions, if initiated should be covered up intraday. A bullish turn around at 8840 could mean resumption of the uptrend!
Bank Nifty trades in the red at 19590/600 (March futures), down close to 0.80%. The movement till now could be still treated as a well deserved correction in both the above indices. Bulls are expected to regain control till prices remain above 8675 spot in Nifty. Shall be bringing more updates at close.