The major driver for the market will be Bank Nifty, which has witnessed a breakout beyond its resistance zone.
The Nifty is expected to cross the hurdle of 10,924 and head towards the medium-term target of 11,050-11,200. The major driver would be the Bank Nifty, which has clearly witnessed a breakout beyond its resistance zone. It won't be surprising to see the index head towards the next resistance of 27700-27800 over the next few days.
The performance of ICICI Bank looks encouraging and from hereon, private banks are expected to participate actively. Traction in the PSU banking space looks set to go up. The midcap index is poised for a breakout beyond its 200 DMA.
One should trade with a positive bias. Strong support for the Nifty at 10,750-10,800, or levels below it are likely to be bought into.