Nifty opened on a positive note and jumped above 7950 mark in early trade. Thereafter it started making higher tops and higher bottoms on the intraday chart. It witnessed more buying interest in the afternoon session, as it breached 8000 mark. It made a high of 8083 and ended at 8069 with a gain of 1.70%. The Advance Decline ratio was almost 3:2.
Yesterday, Nifty breached 8000 mark, with this it has broken the neckline of “Inverse Head & Shoulder” pattern on the long term charts. The target of this Inverse H&S pattern comes at 9200. We maintain bullish view with our short term target of 8200. Thus now any correction is a good buying opportunity. On the downside, the range of 7900 to 7875 will play an important support for immediate term. However the recent low of 7715 will play as a strong support for short term.