Bank Nifty takes a tumble

The Bank Nifty index was trading near its low point of the day at the 24,214.05 level, down by 216 points. Bank of Baroda, IDFC Bank, Canara Bank and Yes Bank were among the top losers in the index, trading lower by more than 1%. The index was trading above its 50-day moving average of 24,115 but below the 21-day moving average of 24,322 mark. The level of 24,100 may act as a support level for the index while on the upside the 21-DMA 24,322 level may act as an important resistance mark.
 
Nifty Private Banks index was down by 1% at the 13,604 level while Nifty PSU Banks index was down by 0.59% at the 3,276 level. South Indian Bank was the top loser among the private bank stocks to trade at Rs 28.30 per share, down by 3.08%. Meanwhile, Nifty was trading at the 9,886 level, down by 87 points, while Sensex was trading at the 31,621 level, down by 270 points. Infosys and HDFC Twins have been the major drags for the benchmark indices. There were 447 advances, 1,198 declines and 355 unchanged stocks on the NSE, reflecting strong negative undertones in the market.