MARKET SNAPS 6-DAYS GAINING STREAK; NIFTY BELOW 8930

The nifty fell 42.8 points or fell 0.5 per cent to 8,896 and The sensex closed 80.09 points or 0.28 per cent lower at 28,812.after touching its highest since March 4, 2015 on Thursday. , retreating from a nearly two-year high hit last week and snapping six consecutive sessions of gains, as banks retreated after a recent rally. The Nifty is trading on a weak note. The NIFTY made an intraday high of 8,957, but has come off from there. 
                                           Technically, As long as the contract trades below 8,950, a dip to test the key support at 8,900 is possible. Whether the contract declines below 8,900 or reverses higher from there will then decide the next move.A strong break below 8,900 may bring in fresh selling pressure and drag the index futures lower to 8,860. On the other hand, if the contract manages to reverse higher from 8,900, a rise to 8,950 or even higher levels is possible in the coming sessions.