Nifty Futures tested 8200 today but could not hold and have fallen rapidly to 8150 by end of day. As mentioned in previous posts, there is a key resistance at Nifty 8200 level.
Nifty futures trading range is currently 7900 to 8300, and I believe 8300 should get tested once before any large correction again.
Something is cooking in the Banks because Bank Nifty is refusing to move up and continues to move lower daily. Clearly, some large market players were aware of CRR news from RBI that came on the weekend and caused banks to open gap down on Monday. Bank Nifty has to start rising for any meaningful recovery in Nifty.