Nifty opened on a positive note and started making higher tops and higher bottoms on the intraday chart. In the afternoon session it breached 8100 mark and in the last half an hour of trade it tested all time high of 8180 and made a new high of 8181, finally it ended at 8169 with a gain of 0.97%. The Advance Decline ratio was almost 6:5.
Yesterday Nifty tested our short term target of 8180 and broke it with very good volumes in the day trade. It made a new high of 8181, we take it as a breakout as Nifty is still making higher tops and higher bottoms on the weekly chart. We maintain bullish view, now the immediate term target is 8399 and the short term target would is 8624, thus any correction would be a good buying opportunity. On the downside, level of 7985 will play as an immediate term support. However he short term support remains in the range of 7700 to 7720.