Day trading guide by Motilal Oswal Securities

Nifty has taken support close to the nearest swing low & has formed a `Piercing Line' pattern for which the action is already been seen.

Due to the fact that the `Piercing Line' pattern on the weekly scale has formed as an interim support, the medium term trend lacks confirmation.

Thereby it lacks decisive directional bias for immediate term & creates expectation of consolidation. Until then one should adhere to 7680 as a Stop loss.