Nifty market opened on a negative note and continued its downward journey. But in the afternoon session, it took support at 7707 and recovered smartly. Finally after making a high of 7798 it ended at 7791 with a gain of 0.55%. The Advance Decline ratio was almost flat.
We maintain bearish view on Nifty with the target of 7680, which is 38.20% retracement level of its recent upmove from 7422 to 7840. If Nifty fell below 7680 then it can even test 7631, which is 50% retracement level. On the upside, 7800 mark will play as an immediate term resistance; however one should take fresh long position only above 7840.
.jpg)