Nifty opened with an upside gap and jumped above 8850 mark in early trade. But after making a high of 8893, it witnessed some profit booking and it started making lower tops and lower bottoms on the intraday chart. In the afternoon session, it took support at 8837 and finally ended at 8867 with a gain of 1.03%. The Advance Decline ratio was almost 2:1.
Yesterday Nifty broke the resistance of 8850, now we may see further upmove and it can test its recent high of 8968 soon. However for medium term we maintain medium term target of 9200. On the downside 8750 will play as an support for immediate term and the range of 8700 to 8675 remains a strong support for short term.