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Monday, 6 July 2015

Nifty analysis of 6 July 2015 and trading strategy for 7 July 2015 - 6 July 2015

Hi,

At last much awaited GREECE voting comes to the conclusion that people of GREECE are not interested in any more AUSTERITY.

What came as a surprise was varied behavior seen across world markets with HANGSENG falling 4%, while SHANGHAI zooming more than +2%, while Indian markets opening around 100 points and eventually closing around 40 points higher with gains across the board.

Turnover wise it was not an encouraging day with FIIs buying around 100 crores and DIIs  selling some 400 crores. In derivatives segment too, FIIs were net sellers in both Index and Stock futures.

In our tweet on 3rd July 2015 we mentioned about hesitation at 8500. Today's data confirms our view. Nifty is expected to show enough hesitation to move beyond 8500. We are expecting it to remain with-in 8525 - 8425 range for few more days. 

Strategy for 7 July 2015

We won't buy at these levels above 8520, but wait for a dip towards 8460 - 8425 to go long. Any big gap up towards 8560 should be sold aggressively with stop loss of 8590.

Anjum S Khan
admin@tracknifty.com
Admin/Analyst
TrackNifty.com