Nifty opened on a positive note and started making higher tops and higher bottoms on the intraday chart. It made a high of 8960, but witnessed some profit booking on higher levels. Finally ended at 8926 with a gain of 0.21%. The Advance Decline ratio was almost 1:2.
Yesterday, Nifty made a high of 8960, which is very near to our short term target of 8968. However it witnessed some correction on higher levels. But the market under tone is still bullish thus we maintain bullish view on Nifty. Now if it breaks 8968 then it test its 2015 high of 9100 also. On the downside, the range of 8800 to 8775 will play as an important support for immediate term. However the range of 8700 to 8675 remains a strong short term support.