NIFTY TODAY

Nifty opened on a positive note and jumped above 6700 mark, thereafter it started moving sideways in the range of 6700 to 6730. In the afternoon session it broke this range upside and witnessed a sharp upmove. It tested 6800 and made a high of 6808, finally it ended at 6796 with a gain of 1.51%. The Advance Decline ratio was 3:1. Nifty is making higher tops and higher bottoms on the daily chart and yesterday it broke the its recent high of 6776 with good volumes. We feel, this trend will continue in the days to come thus we maintain our target of 6950. On the downside, Now Nifty has the short term support at 6600.