Nifty Weekly Analysis for 06-10 July

Last week we gave Chopad Levels  of 8330 , Nifty opened with gap down and show a swift recovery from the lows and gave a good entry to Chopad followers and did 3 target on upside. Nifty made high of 8497  almost  meeting our 2 Chopad Level of 8519  Lets analyze how to trade market in coming week as we will get results of Greek referendum before market opens on Monday.  We have shared the Goldman report discussing various scenarios, readers can read the report by clicking on the link How Markets Will React to Greek Referendum

Nifty Hourly Chart

 Breakout will come only on hourly close above 8500 as shown in above chart.

Nifty Hourly Elliot Wave Chart

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Nifty technical set up before crucial Greece Referendum

• FII's bought 15.8  K contract of Index Future worth 361 cores ,16.4 K Long contract were added by FII's and 0.05 K  short contracts  were added  by FII's. Net Open Interest increased  by 16.9 K contract, so today's rise was used by FII's to enter longs in index futures How Markets Will React to Greek Referendum

Nifty made high of 8497 which is 61.8% retracement from 8845-7940 and also closed above 100 DMA , Nifty also was unable to cross the pyrapoint resistance  at 0 degree line as shown in below chart, Weekly Closing was above 20 WSMA. So Bulls and bears are hanging on balance as the result of Greece referendum

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Trading motivation Video

Watch this video before you start your trading day, Will help you in reformatting your sub conscious mind.

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What is Your Motivation to Be a Trader?

There are different styles of trading for different people. One of the keys to have success in trading is to find out what it signifies for you on a personal level and what you want to obtain of the future and economic benefits.

• To have a satisfactory and well rounded career, it is necessary to have an incentive that goes beyond just financial reasons. By being driven solely on money, you will never make the necessary effort to become successful. In addition, your specific interests in the markets should reflect what is important to you.

For all traders, there is something about the market that draws them to it

• It’s not something on the market. Quotes that are intermittent and quick are the characteristics of the markets, but by themselves they do not appeal to traders. Rather, there is something about the general feeling of negotiation that engages them. In other words, “get something” emotional experience of being in the market. For example, for someone who is very academic, trading can be a fun and very stimulating intellectual challenge. A poker player can see trading as another form of playing the probabilities and chances of winning. For every trader there should be something about this trading activity that captivates them.

You have to get to know yourself in order to obtain success in trading
An aspiring trader has to understand what her/his hook is and construct her/his style o

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How Markets Will React to Greek Referendum

This is how Goldman handicaps the possible voting outcomes and the subsequent reactions:

 

Result of referendum likely to prove less pivotal than how Greek domestic politics evolves in response to it. We envisage three main scenarios following the referendum:

1. A ‘Yes’ vote, followed closely by the resignation of Messrs. Tsipras and Varoufakis and the formation of a new Greek government. This is likely to be the most market-friendly outcome. Clearly, its implications will hinge crucially on the character of the new government. A government committed to reform, credible in the eyes of the creditor institutions and with a mandate to act (e.g., a technocratic government enjoying a broad base of parliamentary support and committed to a limited tenure followed by elections) could move forward to a new programme that would allow a resumption of Greece's financial and liquidity support. Weaker governments that fall short on these dimensions would likely struggle to move forward with the same vigour and pace.

2. A ‘Yes’ vote,

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