Day trading guide by ICICI Direct

The index has entered a consolidation phase to work off the overbought conditions developed post the strong gains in March. Going forward, we expect the Nifty to oscillate between the broad range of 7400 and 7800 levels in the coming weeks.

While stock specific activity will remain in focus at the onset of the quarterly results season. We believe the current breather will lead to higher bottom formation above the elevated support base of 7400 region.