Nifty breaks 8800; banks gain, Infosys down 1%

However, he thinks there is a good chance of Nifty dashing to 9000 levels in this series.

According to him, the upside for Bank Nifty too is capped around 19,400-19,300 levels .

11:00am Market CheckThe market is under pressure with the Sensex down 77.73 points at 28966.71. The Nifty is down 24.95 points at 8809.05. About 1343 shares have advanced, 973 shares declined, and 153 shares are unchanged.Sesa Sterlite, ICICI Bank, SBI, ITC and Maruti are top gainers in the Sensex. Among the losers are Bharti Airtel, M&M, Tata Motors, Sun Pharma and Infosys.The rupee recovered by 13 paise at 62.38 against the US dollar in early trade on Wednesday at Interbank Foreign Exchange after the Greenback weakened overseas due to disappointing American retail sales data.Forex dealers said besides increased selling of the US dollar by exporters, a higher opening in the domestic equity market, supported the rupee.Meanwhile, Asian markets were lost for direction on Wednesday after a reading on Chinese growth held up better than many had feared, only for data on retail sales and industrial output to disappoint.China’s annual economic growth did slow to a six-year low of 7 percent in the first quarter, but there was relief it matched expectations. A poor trade performance in March had stirred talk growth might fall short of the psychologically important 7 percent level.