Nifty opened with big upside gap and jumped above 9000 mark. It tested 9100 mark in the early trade, but after making a high of 9119, it fell sharply. The selling pressure intensified as it fell below 9000 mark. It made a low of 8893 and ended at 8922 with a loss of 0.82%. The Advance Decline ratio was almost 2:5.
Yesterday Nifty could not sustain on higher levels and witnessed profit booking. But Nifty has already corrected 50% of its recent upmove from 8669 to 9119. Now if it starts trading below 8894 then it can test 8841, which is 61.80% retracement level. We feel this correction is a good buying opportunity, the market undertone is still bullish, thus we maintain our short term target of 9350 on Nifty On the downside, the short term support remains at 8600.