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.
