Nifty opened on a positive note and recovered sharply. It made a high of 7777, but in the last hour of trade it witnessed some profit booking. Finally it ended at 7735 with a gain of 0.38%. The Advance Decline ratio was almost flat.
Yesterday, Nifty recovered from lower levels. Now if it breaks 7700 then we may see further correction and Nifty can test its 100DEMA, which is placed at 7660. On the upside the range of 7775 to 7800 will play an important resistance. Thus one should take fresh long only above 7800.