Nifty opened on a positive note and breached 8000 mark in the early trade, but thereafter it started trading in a narrow range if 8020 to 8000. In the last half an hour of trade, it broke this range upside and made a high of 8035 and finally ended at 8027 with a gain of 0.92%. The Advance Decline ratio was almost 5:2.
Yesterday Nifty has breached the psychological level of 8000 and closed above that. We maintain bullish view on Nifty with our short term target of 8140. One should use any correction as a good buying opportunity. On the downside, the range of 7850 to 7800 will play as an immediate term support. However the short term support remains 7540.