Nifty view
Nifty future finally ended up in green expiry and closed near 8400 , but FII were sellers last friday so its a caution sign. Now if nifty future click our technical support today at 8340 and manage to sustain below our support then expect futures to correct upto 8300 – 8260 today.
If nifty future click our resistance of 8430 and manage to sustain above our resistance then expect futures to fire upto 8470 – 8500 today
Nifty view conclusion: Now its all about greece which will head the market in either direction , no clear trend in nifty for now due to FII selling and DII’s buying , but Greece decision would dictate the market , Chinese market would be key indicator for intra day movement as it need to settle now , it was down near 10% last week so keep an eye on that too.
China’s economy is in danger situation as it chased nearly 20% move in a week and closed 10% down in single week. This could spread towards US which might turn into a global meltdown. Last week we had selling figures from FII. FII were net sellers and this could be an indicator where we are going in future.
DII tried to counter FII’s buying keeping market in a small range but this might not be enough in future as FII has larger positions. FII has depper pockets and DII could be in trouble while trying to counter FII’s buy.
We have a good base on monthly chart at 8000, Once this is out then brace for larger impact in nifty upto 7600- 7300 and even more correction not ruled out.
Major weekly hurdle stands at 8550, Once market break this and close above this then expect 8800- 9000.
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