After a flat opening, entire day Nifty was moving in a narrow range of 8660 to 8620. Finally it ended at 8650 with a gain of 0.21%. The Advance Decline ratio was almost 3:2.
Yesterday Nifty was moving in a narrow range. Nifty has lot of resistance in the range of 8700 to 8725. If Nifty breaks 8730 then it can test 8916 in the coming days. However for medium term we maintain our target of 9200 on Nifty. Thus one can hold long positions but keep a stop-loss below 8475.