as for the market outlook and update , i have not been a banknifty follower but started watching it recently and i think its very bearish as of now
whenever i have seen 20 ema so downward sloping , and if and when the scrip has returned to test it and failed to remain there , it has always been very bearish , just look at the sharp slope of 20 ema towards down , its not a good sign , that too on a weekly chart ,compare it with earlier instance in banknifty itself ,the 20 ema slope was already so down and when price went to test that , sharp fall happened afterwards
it means markets looks very tough times ahead and the worst may not be over yet , including nifty and sensex