06 July 2015: Nifty Elliott wave analysis: Greece goes with “NO” in historic referendum. We short the top (& resistance of 8500) on Friday’s session.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 06 July 2015: -

On 03 July 2015, FII Bought INR – 356.29 crs and DII Sold INR 220.61 crs

It is going to be interesting week for bulls. We have a news where world is reacting late while charting of Nifty is suggesting for a rise. So it can be decisive after Greece says No to austerity referendum. I have already said that 8500 might be on hunt but that’s a resistance. We took short almost near to high point on Friday’s session to hold for Monday. We should get some gap down.

Depending on gap down we can make next course of action. I still stick on my view that July may emerge as bad for global market. A simple message for Greece, “Do not care about stock price, move out of Euro zone and rebuild your nation. Euro is always a mistake and it is just a result of political ambition of stronger nation”.

For today’s trading session, I am expecting weak opening as 8500 was almost done. It was target as well as resistance. To a big extent, 8500 is a point of ‘make or break’ levels. Take a note that 8380 is a still a good trading support which may not break easily. I will not add fresh short the lows after gap down. If we see fall in banking stocks then only Indian indices will go under threat. If not then a recovery may hit market from lower support levels.

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Strategy for Nifty July future – Nifty July month future will get support at 8400 to 8380 levels. It is reacting at 100 DMA resistances. We cannot expect further strength without any reaction. Even if small gap down comes and it sustain then we can expect a mild selling. I am not interested in trading long at 100 DMA resistance.

S&P 500 (USA) – Last week itself, I have quoted that traders should short this bounce for the price target of 2045. As of now Future is showing that we may get our target by Monday itself. Whole global indices are in big red after Greece says “NO” to austerity referendum. I just like to see how dip this can be. No more analysis required as already given shorts earlier. Just enjoy the gamble.