Nifty, after recording an intra-day high at 8,223, the contract started to experience selling pressure and turned volatile. Nifty fell below the immediate support level of 8,200 and marked an intraday low at 8,187 levels. The Nifty-50 index is also volatile, moving sideways the advances/declines ratio is a little biased towards advances.
The Nifty-50 futures contract opened the day with a gap up at 8,790. Nifty Index is professionally managed and it can be regarded as a barometer of Indian Economy.
A strong rally beyond 8,220 will reinforce the bullish drive and push the contract higher to 8,240 and 8,250 levels. But a crucial fall below 8,190 can re-establish selling pressure and pull the contract down to 8,175 and 8,150 levels in the near term.