Nifty opened on a positive note and jumped above 8400 mark but after making a high of 8413, it could not sustain on higher levels and continued its southbound journey. In the afternoon session, it broke the intraday support of 8325 and made a low of 8269. But thereafter it witnessed some buying interest at lower levels and finally Nifty ended at 8341 with a marginal loss of 0.01%. The Advance Decline ratio was almost 2:3.
On Friday, Nifty witnessed some buying interest at lower levels. Now if it sustains above 8375 then we may see a bounce back and Nifty can come in the range of 8575 to 8525, but one should use any bounce back as a good opportunity to exit from the long positions as the short term trend is negative thus we maintain bearish view with our short term target of 8110, which is its 200 DEMA. On the upside for immediate term now Nifty has resistance in the range of 8475 to 8525, however the short term resistance range remains 8750 to 8800.