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"After the 1.2% cut in Nifty last week, the market will try to stage a comeback on the back of the excellent numbers from ICICI Bank and reasonably good numbers from Reliance. A distinct trend in the market for many sessions now has been the outperformance of Bank Nifty which was up 2.5% last week when Nifty was down 1.2%. This outperformance is justified by the bank results so far and the trend may continue since there is valuation comfort in the banking segment in an otherwise overvalued market. So, even if the market turns weak, banking may show resilience. The threat to the bulls is likely to come from the FIIs who have turned into sustained sellers. The Q2 results, so far, look impressive particularly in energy, metals, mining, IT and banking. The resurgence of Covid cases in the Eastern parts, particularly West Bengal,  has to be watched"

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