Day trading guide by Kotak Securities

Triangle formation near 200-day simple moving average indicates high chances of range-bound action in Nifty, daily stochastic cycle is in the overbought zone and Hammer candle stick formation on weekly charts indicates higher chances of short-term price correction from current levels.

For the next few trading sessions, 7800 would be a trend decider level for Nifty. If Nifty manages to trade above 7800, then we can expect another short term rally till 8000-8100-8150 levels. Below 7800, it may trigger short-term price correction till 7740-7600.