Post gaining momentum on Monday(9th Jan' 23) trading session, Nifty, bank nifty and Sensex lost shine on Tuesday. With gap-up opening the market could not hold for long and came under severe selling pressure taking resistance from 42660 in BankNifty and 18123 for Nifty. Both the resistance level worked well to create supply for the price action. While India-VIX(volatility index or fear index) rose 1% in the intraday.

The market still would remain in selling pressure and there can be recovery if BankNifty takes support at 41400(logical support) and 17882(due to pending gap filling) in the index option trading.

In-case, the index take support at the defined level a small pull-back could be possible for intraday or next trading sessions. Watch out more with Live Market Analysis & prediction.