Nifty opened on a positive note and but after making a high of 8878, it witnessed profit booking. In the afternoon session,it took support at 8825 and recovered smartly. In the last hour of trade it broke its intraday high of 8878 and breached 8900 mark. Finally after making a high of 8925, it ended at 8910 with a gain of 0.85%. The Advance Decline ratio was almost 7:8.
Yesterday Nifty witnessed good buying interest at lower levels and breached 8900 mark. It made a high of 8925, which is very near to our short term target of 8950. Traders should hold long positions and revise stoploss to 8795 for all the long positions. The market undertone is still bullish thus we maintain bullish view on Nifty with our short term target of 8950 thus any correction would be a good buying opportunity.