Nifty - Barring banking a few sectors hv been looking strong

I won't be surprised to see Nifty and Bank Nifty moving in opposite directions for a few days.

BankNifty too is oversold but quite weak on technical and quantitative parameters.

Pharma, IT, Cements, FMCG are looking strong, while Auto and Energy have recovered from the lows.

I would avoid any shorts in Nifty at this stage. Stronger Dow and other global markets are expected to provide support.

8879 can be the turning point as per the narrowing channel marked on chart.