Will July series hit 8500 or Greece play party pooper?

Moneycontrol Bureau

It is a fresh start of July F&O series today and all efforts will be made to hold 8400. Nifty's recent move is exuding a lot of optimism. Resistance for the 50-share index is seen at 8500. In the June series, foreign institutional investors (FIIs) bought Rs 280 crore while domestic investors sold Rs 8.5 crore in cash market, as per NSE data.

Lack of resolution between Greece and creditors may weigh on sentiment but by and large markets look optimistic of a Greek deal. The next meeting is scheduled on Saturday as June 30 deadline nears.

Meanwhile, it was a good end to the June series as the Nifty closed just shy of 8400. The Sensex gained more than 150 points as the Greek debt woes did not seem to much impact market on Thursday.

Asian markets are mixed on dwindling hopes of Greek deal. Japan released a raft of economic data. Japan's core consumer price index ticked up 0.1 percent from a year earlier in may, a tad above expectations.

US stocks closed near session lows, failing to hold initial gains.  Weekly jobless claims came in at 271,000, slightly below analyst expectations. Initial jobless claims have been under the key 300,000 level for 16 straight weeks. Growth in the service sector slowed in June. Markit's preliminary PMI for the sector fell to 54.8 during the month.

European equities closed mixed after wobbling in earlier trade, as hopes for a deal between Greece and its creditors seemed to fade.

Greece has a 1.6 billion euro debt due to the international monetary fund on June 30 that it's unlikely to be met if no deal is reached. This raises the possibility of a Greek debt default and potential Greek exit from the euro-zone.

Among the other asset classes, euro slipped against the dollar as Greece talks drag on with no resolution in sight. Nymex crude slipped below USD 60 dollars per barrel weighed by potential negative impact from Greece’s debt crisis on European energy demand. Gold continues to trade around USD 1175 an ounce.