Nifty opened on a negative note and fell below 8000 mark in early trade But it took support at 7961 and recovered smartly. It made a high of 8081 and ended at 8029 with a loss of 0.47%. The Advance Decline ratio was almost 1:2.
Nifty continued its southbound journey but took support at an important trendline and witnessed some buying interest at lower levels. But one should take fresh long only If it sustains above 8105 mark. In that case it can test 8215 and above that 8294, these are 38.20% and 50% retracement levels on its recent fall from 8626 to 7961. On the downside, 7950 will play as an important support for immediate term.