The 50-share Nifty index is expected to open flat on Friday following muted trend seen in other Asian markets. Tracking the momentum, the index may remain rangebound and retest its crucial psychological level of 7,800 in trade today. At 08:00 A.M., Nifty India stock futures in Singapore were trading 24 points lower at 7,817 indicating a flat-to-negative opening on the domestic market.
"We closed at about 7,700 on Wednesday which was near the earlier low on the hourly closing basis made on 25th of August and above 7,800 on Thursday. Now this could be a pre-signal of double bottom being made, for that we need to get pass a cluster of moving averages on the short term that is at about 7,850."
"We have not done that on the first attempt, but we have had a good rally which is about a percent and a half kind of rally. If we start getting past 7850, 7925-7950 should be the minimum target and a retest of 8000 plus levels are also very-very possible."
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