A morning walk down Dalal Street | Nifty can push towards 11,321 if it sustains above 11,208

After a pleasant Wednesday, it looked like bears took control of D-Street and wiped out approx 50% of the gains made in the previous session. The Nifty Bank erases 70% of gains.

The final tally on D-Street -- the S&P BSE Sensex gave up 38000, as it fell 297 points to 37,880 while the Nifty50 closed 78 points lower at 11,234 on Thursday.

The Nifty index slipped below its crucial support at 200-DMA at 11,266, but bounced back from its 200-days EMA.

Experts feel that market failed to hold gains at the start of the Q2 results. Banks underperformed due to concern over slippage and on-going crisis in the sector. The September quarter results are likely to be a repeat telecast of June quarter.

Markets will first react to TCS numbers on Friday and then focus would shift to the Infosys results. Besides, the trade talks between the US and China will also remain on the participants’ radar.

On the macro front, Moody’s Investors Service slashed its growth forecast for India for the fiscal year that began in April to 5.8% from 6.2% and said a weaker growth outlook will dampen the prospects for fiscal consolidation.