Nifty opened on a positive note

Nifty opened on a positive note but after making a high of 6869, it witnessed profit booking and fell in the range of 6840 to 6820. In the afternoon session the selling intensified as it broke this range downside and it fell below 6800 mark. Finally after making a low of 6772, it ended at 6782 with a loss of 0.85%.

The Advance Decline ratio was almost 2:3. Nifty witnessed profit booking on Friday and it fell below 6800 mark. Now it has support at 6767 and below that 6743, these are 50% and 61.80% retracement levels of its recent rally from 6665 to 6869. But we feel that the market undertone is bullish and this correction is a good buying opportunity. We maintain bullish view on Nifty with our short term target of 6950. On the downside, 6650 remains an important support for short term.