Day Trading Guide
Nifty has formed inverted H&S on a daily basis, which is bullish consolidation and targeting the level of 8700 in the next couple of months. However, buying is advisable on re-testing or pull back to neckline support, which is at 7800. From short-term point of view, Nifty is trading near 200-day SMA and above 8000, which indicates high chances of another short-term uptrend rally. On the other hand, trading below 7900 may trigger profit booking by short-term traders. In short, the medium-term trend is positive and ideal strategy should be to add long positions at retracements levels.