Day Trading Guide by Kotak Securities

On Thursday, the market not only survived above the level of 7240 but also reversed sharply to erase day's losses. These are all rallies of the bear market in downward trending markets and sustainable pull back would come only if nifty sustains above the level of 7330 for next two days. In a downward trending markets we should be active in taking profits and also in reversing positions if it is not in our favor. For the day, we are going to weightage to the level 7330 and above that 7425 to watch for. Failure to hold 7240 would result in quick sell off to 7120-7140.