Nifty opened on a positive note and jumped above 7700 mark. It started making higher tops and higher bottoms on the intraday chart. Finally after making a high of 7773, it ended at 7767 with a gain of 1.09%. The Advance Decline ratio was almost flat.
We maintain bullish view on Nifty and now we feel Nifty can break 7808 and can test 8025 in the short term. On the downside, for immediate term 7550 will play as an important support. However the trend will turn negative only if Nifty closes below 7440, thus any correction is a good buying opportunity with stop loss of 7440 on closing basis.