For the first time since 2009 cracks have started to appear amongst India's banking stocks. ICICI bank is showing considerable weakness and a close below 815 may weigh heavily on the banking index. HDFC bank is showing potential for a double top - of course this is not fatalistic but a close above 2025 will neutralise the negatives. A prudent investor/trader must watch the Bankex Index for clues to how the Indian markets are going to resolve.
A close below 10100 for the Bankex would be a warning sign for further weakness in Banks and as a consequence for the broader indices - Nifty and Sensex.