Nifty opened on a flat note and after making a low of 8092, it witnessed some recovery but after making a high of 8146, it could not sustain on higher levels and fell sharply. In the afternoon session it broke the intraday low of 8092 and made a low of 8044, finally it ended at 8065 with a loss of 0.57%. The Advance Decline ratio was almost 1:2.
On Friday, Nifty continued its southbound journey and broke its previous now of 8088 and closed below 50DEMA. Now it has support at 8031, which is 38.20% retracement level of its entire rally from 7539 to 8336. If it breaks 8031, then it can test 7937, which is 50% retracement level. On the upside, now the 200 DEMA will play an important resistance for short term, which is placed at 8184, thus one should take fresh long only above 8184.