Morning Market View:

Nifty again have drifted lower in the last trade from the highs all thanks to the ongoing rise in the crude oil prices and the falling in the global markets. The support for the index is around 22800 for the day while 23450 is the resistance. The overall trend of the index remains bearish till it is trading below 23400 on the daily charts. Bank Nifty is still looking extremely bearish after the fall in the last few days and is currently hovering around 53000 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 54000 on the short-term basis.