Nifty opened with an upside gap and jumped above 7700 mark. It made a high of 7722 but witnessed some profit booking and started making lower tops and lower bottoms on the intraday chart. It made a low of 7674 and ended at 7684 with a gain of 0.26%. The Advance Decline ratio was almost 3:2.
Nifty is trading above the 61.80% retracement level of its recent fall from 7808 to 7422 thus now it can test its recent high of 7808 in the coming days. On the downside, for immediate term 7550 will play as an important support. However the trend will turn negative only if Nifty closes below 7440, thus any correction is a good buying opportunity with stop loss of 7440 on closing basis.
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