Nifty opened on a positive note and jumped above 8450 mark. Thereafter it started making higher tops and higher bottoms on the intraday chart and breached 8500 mark in the afternoon session. It made a high of 8548 and finally ended at 8532 with a gain of 1.32%. The Advance Decline ratio was almost 3:2.
On Friday, Nifty tested 61.80% retracement level of its recent fall from 8654 to 8321 and closed above it. Nifty is still making higher tops and higher bottoms on the daily chart. Thus now it can test its recent high of 8654. Now On the downside, the level of 8450 will play as an important support of immediate term. However the short term support remains at 8300 Thus one can hold long positions with stop loss of 8300.