Day trading guide by ICICI Direct

The Nifty displayed resilience and absorbed the panic decline during last week's trade highlighting the inherent strength in the trend. The overall bias remains positive and we expect the index to eventually resolve higher from the current consolidation band of 7700 to 8000 levels and extend the up move towards 8300 over the coming month.

The pullback from the earmarked value area of 7700 confirms follow-up buying efforts at the key support base.