Nifty opened on a positive note and jumped above 8400 mark. It started making higher tops and higher bottoms on the intraday charts. It made a high of 8460, but it could not sustain on higher levels and witnessed profit booking. It made a low of 8497 and finally ended at 8417 with a gain of 0.23%. The Advance Decline ratio was almost 5:4.
Yesterday, Nifty witnessed profit booking on higher levels. It is still moving sideways in the range of 8450 to 8380. We feel this is a sideways correction and the market undertone is still bullish and now if Nifty sustains 8450 then it can fill the 10th Nov. gap and can test 8510. On the downside, the range of 8325 - 8275 will play as an important support for immediate term.