Day trading guide by Edelweiss Securities

Nifty has witnessed rejection from 7600 levels in the past couple of days and thus managed to retrace 50% of the two-week rally. This presents an opportunity to build trading positions as the short-term trend is positive on back of a bullish readings on momentum oscillators and weekly candlestick pattern.

As long as 7375 remains inviolate on a closing basis, expect Nifty to scale up to 7720 in the near-term thereby closing an important bearish gap.