Finally Nifty opens 100+ points gap up at 9109 spot levels and made intraday highs at 9117 levels, before pulling back. This has happened at the back drop of the fundamental news from RBI about the interest rate cut by 25 bps. The indice has made a low of 9021 and is seen to be trading at 9044 levels for now. Clearly, the bulls are back again and they remain poised to push Nifty towards 9184 spot levels from here on.
Initial support is seen at 8946 spot, followed by 8840 on Daily charts and recommendations are to buy on dips for now. The top and reversal scenario is ruled out till prices remain above 8692 spot. Bank Nifty is also marginally up, trading at 20075 spot.