Nifty opened on a positive note but thereafter entire day it was trading in a narrow range of 7945 to 7920 and finally ended at 7936 with a gain of 0.40%. The Advance Decline ratio was almost 6:5.
We maintain bullish view on Nifty with our short term target of 8140. One should use any correction as a good buying opportunity. On the downside, the range of 7850 to 7800 will play as an immediate term support. However the short term support remains 7540.