Morning Market View:

Nifty again have drifted lower in the last trade 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 23400 for the day while 23850 is the resistance. The overall trend of the index remains bearish till it is trading below 24000 on the daily charts. Bank Nifty is still looking extremely bearish after the fall in the last few days and is currently hovering around 550500 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 55900 on the short-term basis.