Day Trading Guide
Based on Japanese candlestick formation, Nifty has formed a “doji” formation at the top of the current up move, which is an indication of a temporary halt or a pause. As the price retracement is faster than the expectations, the market may correct on time basis and that may keep the market range bound between 8760 and 8650. However, basic trend is much stronger and would not allow it to fall below the level of 8600 in the near term. On the higher side, it may even touch the 9000-level in the next couple of weeks if it bounces back sharply from 8650.