Day trading guide by Kotak Securities

Nifty has shown a V-shape recovery pattern followed by Acute Triangle pattern on daily charts, which suggests strong possibility of short-term price reversal from current levels. From short - term point of view, 7000-7100 is a very important support level for the index.If index manages to trade above 7100 then we expect one more short recovery up wave till 7300-7375.

On other hand, below 7100 -7000 level, it triggered another downtrend continuation wave till 6950-6850. RSI & Stochastic cycle on daily charts advocates strong chances of pullback rally from current levels.

Medium-to-long term trend is still on the negative side and 7100 will be the trend decider level for the Nifty in the short-term.