Nifty opened on a positive note but after making a high of 8683, It could not sustain on higher levels and started making lower tops and lower bottoms on the intraday chart. In the last hour of trade, It fell below 8600 mark and made a low of 8583. Finally it ended at 8592 with a loss of 0.67%. The Advance Decline ratio was almost 2:3.
Yesterday Nifty witnessed selling pressure on higher levels. Now it is trading near to the lower band of “Triangular” pattern. One should be cautious and keep the stop-loss of 8550 for all the long positions. If it breaks 8550 then it can test 8400. On the upside Nifty has lot of resistance in the range of 8700 to 8725. However for medium term we maintain our target of 9200 on Nifty.