10:15 First-Hour Update: Nifty Open-9158.3, High-9158.3, Low-8894.7 and Last-8950: There are rumors that Q2 could be the worst quarter for most industries in terms of their earnings, this news will trigger short creations, and over the past week, we had witnessed that Nifty and BankNifty was unable to sustain at higher levels and kept falling down.
From here, we foresee strong traction in the market and if 8798-8816 levels are being held, then we can see a reversal till 8996, 9034 and 9078. In BankNifty, if we are able to crossover 18014 marks, we can look at 18156, 18264 and 18358 quickly, if BankNifty breaches 18834, then we can see 18742, 18654 and 18550. Note, this fall is more driven through the BankNifty and NBFC Stocks.
Top Gainers in the FnO segment are McDowell, CIPLA, Infratel, DivisLab and Torrent, while MandMFIn, Equitas, CholaFin, Indigo and IBHousing are Top Losers. PSU Banks SBI, BOB and PNB are making fresh low's today, which is concerning. PVR continues its slide and IOC had joined the club of breaking lows.