Nifty opened on a positive note and entire day it was trading in a narrow range of 7990 to 7940. Finally it ended at 7975 with a gain of 0.54%. The Advance Decline ratio was almost flat.
We maintain bearish view on Nifty for short term, we may see further downside and it can test 7860, which is 50% retracement level of entire rally from 7540 to 8180. On the upside one should take fresh long only if Nifty breaks 8050 mark. However, the medium term outlook is still bullish.