Nifty opened on a negative note but it took support at 8489 and started making higher tops and higher bottoms on the intraday chart. It made a high of 8548 and finally ended at 8541 with a gain of 0.37%. The Advance Decline ratio was almost 3:2.
Nifty witnessed buying interest at lower levels on Friday. It is trading in trading in a narrow range of 8490 to 8600. Now if it breaks 8490 then it can test 8441, which is 50% retracement level of its recent rally from 8287 to 8594 . On the upside, the 8600 mark will play an important resistance for immediate term. However the medium term trend is still positive and we maintain our target of 9200 on Nifty. On the downside the short term support remains in the range of 8300 to 8275.