Nifty opened with a big upside gap and jumped above 8850 mark in early trade. But after making a high of 8896, it could not sustain on higher levels and witnessed profit booking. Finally after making a low of 8804, it ended at 8821 with a gain of 0.50%. The Advance Decline ratio was almost 8:7.
On Friday, Nifty broke an important resistance area of 8800 - 8820. Now we may see further upmove thus we maintain bullish view with our short term target of 8968. On the downside, the range of 8700 to 8675 will play as an important support for immediate term. However the range of 8535 to 8515 remains a strong short term support.