Bank of America Merrill Lynch (BofA-ML) advised investors to track 6 event risks in July apart from the Greek drama. It does not expect any early resolution of the Greece crisis with its Europe economists reporting rising Grexit risks.

First, will May industrial growth show a turnaround? Not yet, it is expected to slow to 2.8% from 4.1% in April. 'While industrial data is volatile, a significant beat will suggest a turnaround is on the way,' BofA-ML said.

Second, will inflation open the door for further RBI rate cuts? Yes, May CPI inflation (5.4% BAMLe, inclusive of 20bp due to service tax hike) will likely allow the RBI to cut 50bp by early 2016, it opined.

Third, will rains revive? The picture will likely clear by end-July; a normal monsoon will allow an August 4 RBI rate cut, it said.

Fourth, will earnings turnaround? BofA-ML expects only a mild recovery to ~4% in June from -0.1% in March on standalone basis.

Fifth, will the monsoon season of Parliament pass the GST or the amendments to the Land Acquisition Act? 'We doubt, given the political controversies, but continue to emphasize that lending rate cuts are far more critical for recovery,' it said.

Finally, will the Fed signal a September hike on July 29? BofA-ML's US economists expect so, with the markets pricing out hikes before December.

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