MARKET SUMMARY FOR 11 JUNE 2015, NIFTY CRASHES BELOW 8,000

Breakdown on the Street! Nifty crashes below 8,000. Finally Sensex shed 476 points or 1.9 percent at 26352 and the Nifty plunged 164 points or 2 percent at 7961 and made a low of 7950. It is another dismal day,The Both the indices ended at 8-month lowest closing level. About 792 shares advanced, 1852 shares declined, and 152 shares were unchanged. The Nifty is witnessing sharp selling pressure and has breached important support of 8,000 for the first time since May 7. and bank nifty also ended down by 2.4 percent at 17245 and made a low of 17237.

The Nifty and Bank Nifty have failed to move past clusters of moving averages. Markets ended in red for the second consecutive week due to persistent selling pressure even as RBI cut policy rates by 25 bps and took a cautious stance on the economic recovery, while a forecast of a deficient monsoon added to the rout.

Vedanta and Tech Mahindra were among the gainers on NSE, whereas Tata Power, Idea Cellular, Kotak Mahindra Bank, Bosch, Asian Paint and Tata Motors were among the losers today. A day after it broke a six consecutive session losing streak, Indian equities markets, the 30-scrip plunged around 250 points or 1.00 percent during the afternoon trade session on Thursday.
We can loosely call it a 'morning doji star', and then, by definition, it should be a short term reversal signal. Probably it is, if we restrict ourselves to the time horizon of short term. We remain skeptical of an intermediate or medium term bullish reversal given the several month old distribution pattern visible in many charts be it indices or individual stocks. While the pattern on the Nifty is much stronger, the pattern here is one of continued bullishness—it just suggests a higher probability of the Bank Nifty moving up further than a strong upsurge is waiting in the wings.

DAILY RESISTANCE FOR NIFTY: 8093, 8225,8429

PIVOT POINT: 8021

DAILY SUPPORT FOR NIFTY :  7889, 7817, 7613

DAILY RESISTANCE FOR BANK NIFTY: 17617, 17989,18551

PIVOT POINT: 17427

DAILY SUPPORT FOR BANK NIFTY :  17055, 16865, 16303