Bank NIFTY index is similar to NIFTY and CNX IT indices is going through wave 4 correction. Elliot wave 1 to wave 3 have already got completed. Bank NIFTY has already corrected 78.6% on retracement levels, this is obtained by connecting wave 2 low of 10209.15 and wave 3 high of 10640.75
Technical Indictors
Leading indicators RSI, Williams%R and Stochastics have already corrected half way down in charts. Bank NIFTY may outperform NIFTY in the final wave 5 leg in a much faster way
Parabolic SAR and TRIX are still indicating strength and what that clearly means is this decline is not a down ward movement but a correction to further move up technically and go beyond current levels
Summary
Buy Bank NIFTY at current levels and target 10743 to 10806 with a SL of 10211
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