Day trading guide by ICICI Direct

The Nifty resumed bullish momentum precisely after taking support at the key value area of 7700 levels.

Going forward we expect the index to extend the up move and head to challenge the upper band of the current consolidation placed around 8000 region. The upper band of the major falling channel encompassing the entire fall since March 2015 and previous swing highs near 8000 region make this a key overhead hurdle.

The overall bias remains positive and a decisive close above 8000 will infuse further upward momentum for a directional move towards 8300.