Market Outlook For 3rd-Week-June

On Friday Nifty Closed at 7982, ending 15 points higher, but it managed to crack down 1.5% from the previous week. Nifty convincingly broke below a crucial level of 8000. After more than 200 point fall from the week high, Nifty can bounce back to 8000-8035 levels before it starts another leg of correction and if nifty manages to hold on to these levels then the rally may extend to 8150-200 levels.

Bank Nifty Managed to break a crucial support of 17300, but later managed to bounce bank and reach 17500. As RBI is forcing banks to Pass on the rate-cuts on Loan, bank nifty may have negative bias in the near term. 

Greece's Exit From Euro Zone, Poor Monsoon and US Rate Hike fears can weigh on the markets. The Increase in IIP can bring short term cheers to Market, but may not sustain if other factors adversely affect it.

As long as Nifty stays below 8050 levels, the bias will we negative and there are chances that nifty may also head low towards 7850 in the short term, in that case bank nifty can come down till 17050-16850. In the worst case correction upto 7600 is also possible  .