Nifty opened on a positive note but after making a high of 8238, it could not sustain on higher levels and started making lower tops and lower bottoms on the intraday chart. In the afternoon session, it fell below 8200 mark and made a low of 8153. In the last hour of trade, it recovered and finally managed to close above 8200 mark at 8203 with a loss of 0.20%. The Advance Decline ratio was almost 1:2.
Yesterday Nifty recovered from lower levels. We maintain bullish view with our short term target of 8290, above that it can even test 8350. However for medium term we maintain our target of 9200 on Nifty. On the downside it has lot of support in the range of 8050 to 8000.