Nifty Fut (July):Global Market Is Being Mesmerized By Greece Serial Drama---Are We Heading Again Towards 8000 In Nifty ?

Looking the chart, time & price action suggests that NF (LTP:8421; SGX NF:8389) has immediate support of around 8348 zone & sustain below that we could fall to 8302 area. Consecutive closing below 8302-8265* zone, NF may head further downwards to 8212-8128-8035-7915 zone in the near term under bear case scenario.

On the upside, NF has to sustain at least over 8460 for for an immediate target of 8495-8525* & 8550-8565 zone. Only consecutive closing above 8565 area, we may head further upwards to 8675-8785-8935-9200 zone in the next cycle under bullish market scenario.

In brief technically, only sustaining above 8565, NF may enter new upwards cycle towards 9200, other wise, we may again fall to 8000-7900 area in the near term.

Bottom Line: Technical Trading Levels (Positional)

		Gap Up/Dw	(Indicative)
SGX NIFTY	8389	-32
				NF-JULY	LTP			8421
	SL (+/-) 10 POINTS	FROM SLR
	Intraday Swing	Trader
			T1	T2	T3	T4	T5	SLR
Strong >	8460		8495-8525	8550-8565*	8595-8675	8701-8785	8875-8935	<8440
Weak <	8440		8416-8371	8348-8302*	8265-8212	8183-8125	8079-8035	>8460
FOR	Conservative	Positional	Trader
			T1	T2	T3	T4	T5	SLR
Strong >	8460		8525	8565*	8675	8785	8935-9200	<8440
Weak <	8440		8371	8302*	8212	8125	8035-7915	>8460

Apart from domestic triggers (monsoon, RBI rate cut hopes, PSBS recapitalization, debt profiles of Indian corporates, earning growth issue etc), our market may take cues from global market which is clearly fatigued for ongoing Greece drama. Mr. Market is really confused about Greece and about who is bailing out (funding) whom & really get lost to track various proposals between Greece and EU. Market will not like uncertainty for a long or in this weekend and might show a knee jerk reaction for Greece/EU leaders to act quickly in a definitive manner, leaving this ongoing "game of chicken".

As par latest report, all meetings got cancelled/postponed & Greece-EU will again meet on Saturday/weekend for an pronounceable "Deal". Clearly the aim is to announce an official deal before the Asian market opens on Monday morning to avert a "bloodbath". Also political landscape is increasingly getting ugly in Greece & Germany about this crisis. As par market talk, Greece PM, Tsipras may offer his resignation and various German MP (of Merkel's own party) and general tax payers are increasingly getting annoyed over this long Greece drama/bail out.

Back home, our market will eagerly watch forthcoming monsoon session of parliament for GST & Land bill passage. Govt will make an all out effort to pass it in RS by making all types of political permutations & combinations in play. But, despite of that, if the bills will stuck in RS (as the political heat map is getting complicated due to various ongoing controversy and opposition might not agree), we may see a joint session of LS & RS this time for a last ditch of effort by the Govt in order to rejuvenate lost investor sentiment/confidence and to distract from the present political turmoil in New Delhi (Lalit Modi controversy etc).

If the above reform bills do not pass in the forthcoming parliament session, our market may break 7900 this time & we might head towards 7500 or lower till Bihar assembly election. Technically, Nifty has already suffered "Death Cross"  some time ago. We need to convert it again into "Golden Cross" in the immediate future, otherwise "Modinomics" may face tough questions.