Day trading guide by ICICI Direct

We expect the index to enter a consolidation phase and oscillate between the broad range of 7400 and 7900 in the near-term while stock specific activity will remain in focus.

In the entire down move since March 2015 till date, it has been observed that index has not posted more than four consecutive weekly bull candles. In the present scenario, the overbought state of the weekly stochastic oscillator, indicates a breather is on the cards.