FREE NIFTY TIPS OR NIFTY OUTLOOK FOR TUESDAY 07 JULY'2015

"BUY RELCAPITAL FUTURE ABOVE 364 TG 369,377 SL 353"

"SELL TATAMOTORS FUTURE BELOW 428 TG 424,419  SL 434"

The resounding ‘No’ from the Greek Referendum is making its effects felt in the Asian markets (most are down by more than 1% sans China) even the Nifty is also affected—it is back to its opening levels around 8386 after touching a hitherto high of 8533, the volume though is not anything very big. The Sensex advanced 116 points to close at 28208 and the Nifty advanced 37 points to shut shop above its crucial psychological level of 8500 on the back of broad-based buying. In the morning trades, the Sensex fell over 300 points to hit intraday low of 27774 and the Nifty slipped below 8400 after Greece voted against the austerity measures proposed by its creditors raising fears that it could go out of the Eurozone. The market recovered smartly in afternoon trade after early morning sell off on account of Grexit fears.

While the so called ‘risk-off’ stance may actually deepen over the next few days if uncertain scenarios prevail in Europe but for today till such time 8400 – 8350 support zone is taken on high volume activity and large scale position building, the hopes remain alive for a bounce back. On the other hand, even if we were to move higher concerns over monsoon slowing down after a flying start and another poor quarter for corporate earnings may come to act as a speed breaker. Thus, we for one are not betting on the Nifty scaling past 8490 – 8530 anytime shortly. Probably, we are headed for another correction-cum-consolidation phase in the near term.

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RESISTANCE: 8550, 8600, 8650

SUPPORT:  8500, 8450, 8400