Day trading guide by ICICI Direct

The occurrence of Doji candle on the weekly charts highlights indecisiveness precisely at the upper band of the major falling channel encompassing the entire decline since March 2015 placed around 7980 region.

Going forward, we expect the index to enter a temporary corrective phase whereby a retest of the recent breakout area and key immediate support of 7700 region may not be ruled out. Amid the ongoing result season, stock-specific activity will remain in focus and broader markets will continue to outperform the benchmarks.