Banking counters holding Nifty back: Sameet Chavan of Angel Broking

From the high touched on April 30, the Nifty has not even retraced 50 per cent but the Bank Nifty has corrected slightly over 78 per cent.

Nifty holds 9000 despite some hiccups
 

We had a positive start last week, citing the cheerful mood in Asian markets and a good bump up in Dow Futures early in the morning. However, it was merely a formality as we saw markets taking a complete nosedive in initial trades. Within a blink of an eye, we not only broke the sheet anchor of 9,000 but also hastened towards the 8,800 mark. After seeing such a knock, markets recovered gradually throughout the remaining part of the week. However, due to some sell off post the ad hoc press conference by RBI