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It was a rude shock for the market today. After the relief rally in previous session indices plunged to 8-months lows with the Nifty closing below the 8000-mark as selling pressure intensified in banking & financials, oil and auto stocks. Today's free fall in markets came a day. Domestic concerns once again came back to haunt the markets as worries over delay in monsoon resurfaced pulling down the benchmark Nifty below the crucial 8000 mark while investors took a swipe at banking shares. Nervousness was seen in the markets because of the delay in monsoon arrival. Investors are worried that a delayed rainfall could hurt growth and push up inflation.
Sensex fell 469 points to 26370. The Nifty fell nearly 2 per cent today slipped below the important 8000 and finally settled 159 points lower at 7965. Intra-day, it moved between 8163 and 7958.
The markets may see limited correction from here on and could move in a range before witnessing a recovery. The Nifty and Bank Nifty have failed to move past clusters of moving averages. The fall is likely to extend in coming sessions and the Nifty may see a fall of another 200 points from 8000.
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RESISTANCE: 8000, 8050, 8100
SUPPORT: 7950, 7900, 7850
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