Nifty opened on a negative note but after taking support at 7943, it bounced back sharply and breach 8000 mark. In the afternoon session, after making a high of 8030, it witnessed lot of selling pressure and broke the intraday low of 7943. It made a low of 7923 and ended at 7964 with a marginal gain of 0.07%. The Advance Decline ratio was almost 6:7.
After correcting almost 61.80% of its recent fall from 8160 to 7841, Nifty witnessed lot of selling pressure on higher levels. It is making lower tops and lower bottoms on the daily chart thus any bounce back is a selling opportunity. We maintain our next target of 7784, which is 61.80% retracement levels of entire rally from 7540 to 8180. On the upside for immediate term Nifty has lot of resistance in the range of 7960 to 8020. However, the short term resistance remains at 8180.