Nifty View: In today's trading session, banking stocks were the culprit as the Nifty index lost close to 50 points to post a close at 17,266. The underlying trend of the Nifty is still very much down, and after today's negative close, it has confirmed a lower high and lower low on the daily timeframe - this means that the probability of the downside is marginally higher than a bounce back. Any bounce back from the current levels needs to be meaningful enough and has to take out the immediate resistance of 17,500 for any possibility of serious upsides. Unless that happens, the selling pressure will likely persist.
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