Banks and Heavy Wieghts Drag the markets down

Nifty opened flat to mild positive.Even after the postive news from RBI and overseas markets it was not in a position to open with a upward gap which most market participants expected.In no time nifty started to get weak.Then there was continous fall all through out the day with heavy wieghts like HUL,Ranbaxy,ICICI falling badly.Banks bore the brunt of the fall with bank index falling sharply.Nifty was down 68.5 points at 2576.The 2500 level is a strong support which should hold for things not to get worse.We are approaching the next time cycle date of March 13th which should be a bottom from where we could see a bounce.Till then we continue to remain in downtrend.