Nifty opened on a positive note and made a high of 6737, but could not sustain on higher levels and started making lower tops and lower bottoms on the intraday chart. It broke 6700 mark and made a low of 6689, finally it ended almost flat 6694 with a marginal loss of 0.02%. The Advance Decline ratio was almost flat.
Now Nifty has strong support at 6650, thus one can hold long positions with stop-loss of 6650. We maintain bullish view on Nifty with our short term target of 6950. On the downside, 6650 remains an important support for short term.
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