Nifty opened on a negative note and fell below 9100 mark in early trade. Thereafter it started making lower tops and lower bottoms on the intraday chart. It made a low of 9019 and finally ended at 9030 with a loss of 1%. The Advance Decline ratio was almost 2:5.
Yesterday, Nifty corrected further and fell below 9100 mark. Now it is trading in a strong support range of 9050 to 8975. Thus one can hold long positions with a stop loss of 8890. On the upside we maintain bullish view with immediate term target of 9379 and short term target of 9506. However the long term target remains 10043.