NIFTY continued its northbound journey and tested our short term target of 9731 yesterday. It tested its previous high of 9889 and made a high of 9931. NIFTY witnessed some profit booking in the last hour of trade and closed ended just above 9800 yesterday. Now it can test 100DEMA, which is placed near 10038 and above that it can even test 10437, which is 61.80% retracement level of its entire fall from 12246 to 7511. Thus any correction would be a good buying opportunity. On the downside it has a lot of support in the range of 9600 - 9550.
|Buy above 9950||9850||10150|
|Sell below 9690||9761||9550|