Day Trading Guide
On Thursday, Nifty closed below an important support of 7580, which was the lowest level of the previous week. Technically, such formation indicates worries in the short term. Below 7580, Nifty is having meaningful support only at 7400 with a minor support at 7480. On the higher side, the level of 7640 may not allow long traders to surpass in the short-term. Contra buying is advisable around 7400 and selling around 7640/7650 with a minimal stop loss below and above the cost.
We should look for buying metal stocks if the market falls to 7400 levels.