As said earlier, WAIT for RBI's credit policy. If the policy is favourable i.e RBI keep the rates unchanged then we may expect some bounceback in the market especially in BANKING sector.
If the policy fails to please the market participants then expect some sharp declines in the market.
As indicated in the chart, NIFTY is weak due to negative divergence on the chart. MACD has break down the signal line showing weakness in days to come.
NIFTY's probable targets are 5450-5400.
Yesterday NIFTY went down below its 200DMA.
Further CCI is also showing weakness on NIFTY.
So by all means NIFTY is weak with possible targets of 5400-5450 in days to come.
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