Tips on Indian Market for July 3 2015

The Nifty traded in a very small range in the previous session and finally the bulls seemed to be wary as it traded at almost the lowest point towards the end of the session. It can be concluded that the resistance of 8501 overshadowed the sentiment of the players throughout the day but the takeaway from the session is that a breakout is in the offing; the direction of which is uncertain. Either Nifty will give up all its gains of the week or else it will manage to break the resistance of 8501 with rampaging bulls. From this perspective the trades tomorrow are very important. Either selling will emerge around our resistance or else fresh buying will emerge if it is conquered without much of an effort.

The intraday traders may go long only if the Nifty manages to stick its head above the 8465 mark to book profit at around 8498 mark. However if the Nifty trades below the 8440 mark then they may short the nifty to cover the shorts at around 8420.

The short-term traders may exit their longs around higher levels i.e. if they haven't already ( we had advised the followers of this post in our previous post to book partial profits in their longs). However, if there is a breakout above the 8501 mark then they may open fresh longs with new support at 8501 and ride them till 8665.

The mid term investors may wait and watch as per our advise in our previous post.

Disclaimer: The writers of this column do not personally hold any stock or position in the F&O market and do not intend to benefit in any way by publishing this column. The final discretion is that of the reader and we disown any responsibility for any loss incurred by the reader.