Nifty opened on a positive note and jumped above 9100 mark. It started trading in a narrow range of 9110 to 9130, but in the last half an hour of trade, it broke this range downside and finally it ended at 9108 with a gain of 0.24%. The Advance Decline ratio was almost flat.
On Friday, Nifty witnessed some profit booking on higher levels. On the weekly chart it has made a “Dark Cloud Cover” pattern, which is a reversal sign. But Nifty has lot of support in the range of 9025 to 8975, thus one should hold long positions but keep strict stop-loss of 8975 for all the long position. On the upside if Nifty breaks 9200 - 9225 then it can test 9379.