Day Trading Guide

Nifty has surpassed the 50% retracement of the previous swing and also resistance of the downward sloping trendline. On the larger timeframe, it has made a ABCD pattern with point D being last week's low of 7551 i.e. 161% extension of the BC leg. In an ideal scenario, it could attempt 7950-8000 in near term. So traders need to adopt a positive bias and use any intraday dip to buy.