Day trading guide by IIFL

Nifty had a remarkable rally from the low of 7582 this week. Despite a correction earlier in the week, index managed to defend the start of the current orbit (7569), thereby contributing to a sharp pullback on Wednesday.

But, it still continues to face resistance around the mid-point of its current gann channel (7745). The same also coincides with the 61.8% retracement of the move from 8336 to low of 6825.Aggressive longs should be build only above 7750.