Morning Market View:

Nifty have confirmed strong breakdown below 24000 levels and is now expected to drift towards 23600-23700 on the lower side. The resistance for the index is around 24150-24200 on the higher side above which good short covering rally can be expected. The overall trend of the index is still bearish and may drift further lower if it breached 23800 once again. Bank Nifty have been in pressure and is looking extremely bearish in the last few days and is currently hovering around 56000 mark on the daily charts. The overall trend of the index seems to be bearish and sell rise on rise strategy should be adopted by the traders till it is not closing above 56600 on the short-term basis.