Nifty opened on a positive note and started making higher tops and higher bottoms on the intraday chart. It made a high of 8190 in the afternoon session. But in the last hour of trade it fell sharply and broke 8100 mark. Finally after making a low of 8077, it ended at 8102 with a loss of 0.50%. The Advance Decline ratio was almost 1:2.
Yesterday, Nifty witnessed profit booking on higher levels. But we maintain bullish view with our targets of 8318 and 8442, these are 38.20% and 50% retracement levels of its entire fall from 8968 to 7916. Thus any correction is a good buying opportunity. On the downside, the range of 8060 to 8030 will play as an important support for immediate term. However, the range of 7950 to 7900 remains a strong support for short term.