Dated :- 05. 07. 2015

                                                                   NIFTY SPOT : 8484.90

Hi,

Readers,

Nifty closed at the upper end of the major resistance band mentioned in my earlier blog. Whose upper range was 8490.

Now What :-

Nifty is pushing higher slowly and is in a small range for last 3 trading days.

But till now FII’s are not buying in cash market…?

And still Nifty is being kept at higher levels.

Thanks to the large cap shares having good weightage in Nifty. Though I hate to use the word Index Management but could not find any other suitable word for it.

Many people have started thinking that now this market is not going to stop and will go up up and away. Frankly speaking prima facie(apparently) some the charts are deliberately crafted to show that Nifty is going up up and away. But, if we go deep in the charts and as per my analysis even till now nothing has changed. Traders may like it or not. But still Nifty has to do a lot more for actual trend to reverse and to say that Nifty has reversed its trend.

Now the question is that what is the level after which I will be change my view on Nifty. Let me share that levels and my view with readers.

It is only if Nifty somehow manages to give weekly close above 8728. i.e. if Nifty somehow manages to close the week above 8728 I will start thinking that may be Nifty is reversing its trend and is no longer sell on rise. It is the manner of Nifty and charts at that point of time which will decide whether Nifty is actually changing its trend or not.

Above was my view on Nifty.

For now as too much news are coming around especially from Europe where Greece is going for Referendum today. Thus at least till the Greece episode is clear, It is better to see from the sidelines and wait for proper opportunity.