Nifty Fut(June): 8100-8000 May Again Proved To Be A Strong Demand (Support) Zone ?

Technically, for NF, (LTP:8150), immediate support is 8136-8060 & 8020-8000-7940 zone. Consecutive closing below 7940 area, we might be out of "Bull Market" in the near term and NF may further fall to 7860-7740-7700-7500-7440 territory in the bear case scenerio.

On the up side, NF need to sustain at least above 8136 for an immediate target of  8180-8235 zone. Consecutive closing above 8235, NF may scale up to 8301-8366-8422-8489-8510 in the near term in the bullish market scenerio.

Bottom Line: Technical Trading Levels 

		Gap Up/Dw	(Indicative)
SGX NIFTY	8155	5
				NF-JUNE	LTP			8150
	SL (+/-) 10 POINTS	FROM SLR
	Intraday Swing	Trader
			T1	T2	T3	T4	T5	SLR
Strong >	8080		8119-8155	8180-8217*	8235-8275*	8301-8340	8366-8392	<8060
Weak <	8060		8040-8020	7999-7940*	7915-7900	7860-7805	7740-7700	>8080
FOR	Conservative	Positional	Trader
			T1	T2	T3	T4	T5	SLR
Strong >	8080		8155	8235*	8301	8366	8422-8489	<8060
Weak <	8060		8020*	7940*	7860	7740	7500-7440	>8080

There is a old saying that "Bull market go up in an escalator and come down in an elevator"----which may be perfectly suitable for our market currently.

RBI rate cut of 0.25% was already discounted by the market even before RBI event date. It was again proved to be another "Buy on rumour & sell on news" event. Hawkish RBI tone with no sign of any liquidity enhancing measure (CRR/SLR cut), further poor monsoon forecast by IMD, base rate cut transmission by banks and panic in some small/mid caps (high debt burden) accelerated the selling further, leave aside the poor Q4 earning woes.

Looking ahead, market will look into sky for "God Of Rain", which may hit Kerala in the next 48 hours or so as par latest IMD forecast. Distribution of rain may be more important than absolute number. If rain is more or less okay and food inflation will not spike up too much, RBI may cut rate again by another 0.25% either in Oct-Nov (Dewali season ?) or in Dec'15. Also RBI Gov will look into any possible US rate action in the coming months, although FED (Dovish) is just opposite of RBI and there may not be any rate hike in US in 2015, given the USD strength & other macro economic/political factors in US. Also any positive out come in the present Greece saga may help the global as well as our domestic market. In the next bi-monthly RBI policy meetings, RBI Gov may also forced to twinkle some liquidity enhancing measures (including CRR/SLR cut) in order to meet immediate liquidity concerns of our banking systems, especially PSB(s).

Forthcoming monsoon session (LS/RS) may be another trigger for our market in terms of GST/Land bill. Nifty zone  of 8000 might be vigorously defended by DII(s) and even by some FII(s), failure of which, we may enter into another lower zone of 7500.