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Below are Quote on Market Wrap Up - Banking to play a pivotal role to determine short term direction by Mr. Ruchit Jain, Chief Analyst-Technical and Derivatives, Angel Broking Ltd 

Our markets started the day on a positive note and the index again approached the 15900 mark. However, around that recent swing high, we saw some tentativeness and a sell-off in the banking space in the last hour dragged the markets lower and Nifty ended the day marginally in the green.

Post the smart recovery from the lows yesterday, we saw a headstart opening in the indices today. However, the banking index started to cool-off from its important resistance which then had an impact on the overall market in the later part of the day. We have managed to bounce from the support zone of 15500-15450, but now it is important for the benchmark to cross the swing high of 15900 for a continuation of the uptrend. The banking space seems to be playing a crucial role now and it could lead the market direction in the near term. Hence, it would be crucial to see whether the banking index makes a move to surpass its important hurdle of 35400 or not. Until then, it is better to stick to a stock specific approach and continue to avoid aggressive bets. The immediate supports for Nifty are placed around 15690 and 15600 while 15900 is the resistance.   

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