Ruchit Jain, equity technical analysts at Angel Broking, says the Nifty has important support between 8,000 and 7,900 levels and any catastrophic move in the index on downside is not expected. He recommends taking long position in the Nifty at current levels as a contra call with stop loss below 7,900 for targets of 8,250-8,280 on the upside.
