Nifty opened mild Gap up today at 7869 and bounced till 7877 but traded in 50 points range for rest of the day with negative bias. Nifty closed 7 points down at 7849 after registering day’s high of 7877 and low of 7825.
I my last report, I mentioned that the possibility of good upside but the upside must be faster, any slow move or consolidation below 7905 will create doubts in up move. I also suggested buying in 7836-7794 range with stoploss of 7883 for minimum targets 7905, Nifty entered in 7836-7794 range but bounced till 7864 only and closed at 7849. An intraday trade gave only 15-25 points profit. Let’s have a look at latest charts now.