Nifty opened with a big upside gap and jumped above 7400 mark. It made a high of 7563 in early trade. Buy thereafter it witnessed profit booking and it started making lower tops and lower bottoms on the intraday chart. It made a low of 7130 and finally ended at 7203 with a gain of 1.12%. The Advance Decline ratio was almost 6:5.
Nifty was facing some resistance at 7150, but it broke this resistance on Friday with good volumes. The trend is still very positive and soon Nifty can again test its Friday high of 7563. On the downside 7000 - 7100 will play as a strong support for short term.
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