Drawing from a cricketing analogy, Gautam Shah, director & chief technical analyst at JM Financial, said that the Nifty Bank is Rohit Sharma of the market. "When it doesn’t perform the market gets under serious pressure," he said.

In an interview with CNBC-TV18, Shah said the market setup is "quite negative". “I think 11,300 is temporary support on account of some traditional technical studies... but once 11,300 goes, which is my view, we will go down to that level of 11,000-11,100 where the bulls will try to put in a fight but... I believe that this leg of the downside should take the Nifty down to 10,600,” he said.

“A lot of the largecap banking names are likely to see a much greater downside. For the Bank Nifty itself, our basic target is about 28,000, so that’s about 1,000 points away from where we are right now," said Shah, adding "I would not be surprised if Bank Nifty falls to 26,500."

Talking about IT index, Shah said, “From current levels, IT index could also lose about 10 percent. It is not going to be as swift as other sectors in the market because IT behaves differently, but this is one space where you cannot hide.”

According to him, holding some cash and gold for the next few weeks might be a good idea.