Nifty opened on a positive note but could not sustain above the resistance of 6562 and after making a high of 6574, it witnessed some profit booking. It made a low of 6497 and finally ended at 6516 with a gain of 0.19%. The Advance Decline ratio was almost 4:3.
On Friday, Nifty has taken support near to 38.20% retrenchment level of its recent rally from 6212 to 6562 and bounced back sharply. Yesterday it broke its previous high of 6562 and made a high of 6574. It witnessed some profit booking yesterday but we feel that the overall trend is positive thus any correction is a good buying opportunity. On the downside, Nifty has immediate term support at 6425, however, the short term support remains at 6200.
On Friday, Nifty has taken support near to 38.20% retrenchment level of its recent rally from 6212 to 6562 and bounced back sharply. Yesterday it broke its previous high of 6562 and made a high of 6574. It witnessed some profit booking yesterday but we feel that the overall trend is positive thus any correction is a good buying opportunity. On the downside, Nifty has immediate term support at 6425, however, the short term support remains at 6200.
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