Nifty opened with a big upside gap and tested 7900 mark. But after making a high of 7905, it witnessed some profit booking. It made a low of 7856 in intraday trade and finally ended at 7879 with a gain of 1.28%. The Advance Decline ratio was almost 3:2.
Nifty tested 7900 mark but could not sustain above it, however it managed to close above 50 DEMA, which is placed at 7867. Now we should keep an eye on 7930, which is its recent high. The trend will turn bullish if Nifty closes above 7930, thus one should take fresh long only if Nifty closes above 7930. On the downside, the range of 7700 to 7720 will play as a strong support for short term.